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: OfficeMax (NYSE: OMX) dropped 14% in intraday trading today after a high-profile broker/dealer downgraded the stock.

So what: Goldman Sachs cut its rating on the stock this morning to neutral from buy. That exacerbated a broad market sell-off that took the S&P Retail Index down more than 4% intraday.

Now what: Last week the stock popped as much as 22% in intraday trading after reporting much better-than-expected earnings. Looking at the bigger picture, the company has been grappling with weakened demand and increased competition from Staples (Nasdaq: SPLS) and Office Depot (NYSE: ODP), among others. Though the analyst consensus calls for EPS growth of 27% over the coming year, it also calls for an annualized EPS decline of 28% over the next three to five years.

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Fool contributor Cindy Johnson does not own shares of any company named above. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.