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: Intermec (NYSE: IN) dropped 23% in intraday trading today after issuing disappointing earnings and guidance.

So what: Non-GAAP EPS of $0.09 missed the $0.10 consensus estimate but improved markedly from -$0.04 in the year-ago quarter. GAAP EPS of -$0.06 worsened from -$0.04 in the year-ago quarter, despite revenue growth of 37% (16% organic) to $221 million.

Now what: Acquisition-related and restructuring costs were the primary drivers of the worsening GAAP earnings. Management guided the current quarter to non-GAAP EPS of $0.07 to $0.12, well below the $0.15 consensus estimate. At today's intraday price of $7.88, the stock's non-GAAP forward P/E ratio is 16.5 times, and its non-GAAP P/E ratio is in the triple digits. That's hard to justify with analysts expecting EPS growth of only 3.3% over the next three to five years.

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