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 print specialist Quad/Graphics (Nasdaq: QUAD) were bleeding all over today, falling by as much as 25% in intraday trading after the company reported third-quarter results.

So what: For the third quarter, Quad/Graphics reported total revenue of $1.19 billion, down 2% from last year, but basically in line with expectations. Adjusted earnings per share were up significantly from last year, but the $0.80 tally was $0.06 short of what Wall Street was looking for. Mr. Market doesn't typically give A's for effort during earnings season, and that performance isn't winning Quad/Graphics many fans today.

Management pointed to a slowdown in volume that started at the end of the second quarter as the reason for the softer-than-expected financial performance in the most recent three months.

Now what: Of course, investors tend to be less concerned with "what have you done for me lately" and more concerned with "what will you do for me tomorrow." And on that note, Quad/Graphics also delivered downer news, forecasting that the softness in the third quarter would continue in the fourth quarter. As a result, the company decided to lower its full-year profit expectations.

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