Although we don't believe in timing the market or panicking over market movements, we do like to keep an eye on big changes -- just in case they're material to our investing thesis.

What: Shares of CSG Systems (Nasdaq: CSGS) slumped nearly 17% in early trading and remain down more than 8% as of this writing after badly missing second quarter estimates.

So what: Revenue rose 38% to $181.3 million, though adjusted profit fell 8% to $0.49 a share. Analysts were hoping for EPS of $0.55 on $186.5 million in revenue, according to data compiled by Yahoo! Finance.

Now what: Management blamed the earnings side of the miss on a higher-than-expected tax rate, but the feds only accounted for $0.03 of CSG's $0.06 miss. CEO Peter Kalan also said CSG is undergoing a "transformation" that could prove bumpy over the near team. Are you willing to pay 8 times forward earnings to enjoy the fruits of a potential turnaround? Weigh in using the comments box below.

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