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 storage software maker CommVault Systems (Nasdaq: CVLT) are getting crushed today, down by 20% at the low, after rival Oracle (Nasdaq: ORCL) reported weak earnings results.

So what: The soft figures from Oracle are sparking fears throughout the software sector, with business spending in question. As one of the leaders of the pack, investors are assuming weakness at Oracle signals weakness at other software vendors.

Now what: Other players in the space are getting slammed, too, including TIBCO Software (Nasdaq: TIBX) and salesforce.com (NYSE: CRM). While some of the connections drawn are valid with overall business spending levels, 20% is quite an overreaction. Just because shares are getting crushed on massive volume doesn't necessarily mean CommVault deserves it. It's still one of the top growers in systems software.

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This article represents the opinion of the writer, who may disagree with the “official” recommendation position of a Motley Fool premium advisory service. We’re motley! Questioning an investing thesis -- even one of our own -- helps us all think critically about investing and make decisions that help us become smarter, happier, and richer.