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 Interactive Intelligence Group (Nasdaq: ININ) are losing their connection today, down by as much as a whopping 28%, after the company reported disappointing third-quarter earnings last night.

So what: The Voice over Internet Protocol, or VoIP, software maker rang up revenue of $52.1 million, with earnings per share of $0.29. Both of these figures were short of analysts' consensus estimates, which called for sales of $53.5 million and profit of $0.31 per share, despite the fact that revenue jumped by 25%.

Now what: Following the results, the stock also saw a downgrade from Dougherty & Co., who cut the stock from "buy" to "neutral," while trimming its price target from $45 to $35. The Dougherty analyst cited two risks that contributed to the decision: orders shifting to Communication-as-a-Service, or CaaS, which adds uncertainty, as well as an extension of the sales cycle from macroeconomic conditions. I happen to like Acme Packet (Nasdaq: APKT) as a better pick with exposure to the migration toward VoIP, although that stock has had its fair share of ups and downs.

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