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: Dell (Nasdaq: DELL) dropped 11% in intraday trading today after reporting revenue fell short of expectations in its most recent quarter and lowering its revenue forecast for the fiscal year.

So what: Non-GAAP EPS of $0.54 rose 69% year over year and beat the $0.49 consensus estimate. GAAP EPS of $0.48 rose 71% from the year-earlier quarter. Revenue of $15.7 billion grew a modest 1% year over year.

Now what: Management said demand is "more uncertain" because of the economy. For the fiscal year, management lowered its revenue from growth of 5%-9% to growth of 1%-5%. Despite the lower revenue expectations, it guided non-GAAP operating income for the fiscal year up, from growth of 12%-18% to growth of 17%-23%. Management chalked up its higher margin expectations to consistent execution in the first half of the fiscal year, continued management of lower-margin business, and a positive mix shift to Dell intellectual property and higher-valued products. If it can't keep revenue growing, however, the transformation can only take earnings growth so far.

Interested in more info on Dell? Add it to your watchlist by clicking here.

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.