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 enterprise data warehouse company Teradata (Nasdaq: TDC) fell as much as 13% this morning as the market worried about enterprise-level software spending.

So what: Software maker Oracle, seen as a bellwether in the industry, saw its earnings fall, which caused concern for smaller players like Teradata. The firm was also downgraded by analysts at Oppenheimer today.

Now what: The move today is a good excuse to step back and reconsider just how fast the enterprise software industry is going to grow. If Oracle is seeing customers delay orders and other firms are seeing the same trend, it might be time to take some money off the table in this space. I'm definitely not buying today's move and would tread cautiously as the industry sorts itself out in the coming quarters.

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