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 DeVry (NYSE: DV) led the S&P 500's list of decliners after an 18% haircut caused by an unexpected earnings miss. Apollo Group (Nasdaq: APOL) and Corinthian Colleges (Nasdaq: COCO) also fell on an otherwise up day for the market.

So what: Revenue fell 0.5% to $519 million while per-share profit declined 19% to $0.83. Analysts had been expecting $529.3 million and $0.96, respectively, according to data compiled by Yahoo! Finance. Enrollment also declined slightly.

Now what: Fools already were uneasy about DeVry shares, giving the stock just two out of five stars in Motley Fool CAPS. The miss isn't likely to change their view much, even if the downside risk from here is muted, as the stock trades for just eight times earnings. Do you agree? Disagree? Please weigh in using the comments box below.

Interested in more information about DeVry? Add it to your watchlist by clicking here.