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 clothing maker Liz Claiborne (NYSE: LIZ) plunged 13% today after the company cut its 2012 guidance and announced that CFO Andrew Warren would leave by mutual agreement in March.

So what: Wall Street has applauded several of management's moves in recent months -- including closing several brands and even changing the company name -- but today's profit warning serves as a reminder of Liz Claiborne's still-shaky competitive position. Of course, when you also announce the departure of your CFO, it's tough for investors not to think very worrisome thoughts.

Now what: Looking ahead, management now sees full-year 2012 EBITDA of $125 million to $140 million, down from its previous view of $130 million to $150 million. "This new range appropriately reflects a more cautious view of how much cost reduction we can achieve in 2012 versus 2013 as well as a more conservative outlook for the wholesale channel at both Juicy Couture and Lucky Brand," CEO William McComb said. With the shares still up a whopping 70% over just the past three months, however, I'd wait for more of a pullback before getting involved.

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