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 secure-content handler IntraLinks Holdings (NYSE: IL) crashed to a 48% overnight drop on tremendously heavy volume.

So what: The just-reported second quarter "met or exceeded our guidance across all financial metrics," said CEO Andrew Damico -- but the third quarter will see hardly any sales growth and only modestly higher earnings. Also, the company just disclosed an SEC subpoena asking for "certain documents" related to IntraLinks' business in 2011.

Now what: Damico sees a "multi-billion dollar market opportunity" in front of his company but must beat established data-slinging giants Microsoft (Nasdaq: MSFT), IBM (NYSE: IBM), and EMC (NYSE: EMC) to grab a slice of it.

And management seems to know it's up against impossible odds. Last December, when the stock traded for more than $20 per share, CAPS member thenatural24 smelled something fishy in IntraLinks' secondary stock offering: "If they're willing sell below the market price on the day of pricing, do you really even think it's worth $20?"

With shares down to $6 and change, thenatural24 looks smart today.

Interested in more info on IntraLinks? Add it to your watchlist.