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 (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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Fool contributor Evan Niu holds no position in any company mentioned. Click here to see his holdings and a short bio. The Motley Fool owns shares of Oracle. Motley Fool newsletter services have recommended buying shares of TIBCO Software and Motley Fool newsletter services have recommended shorting Try any of our Foolish newsletter services free for 30 days. 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.