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 JDA Software (Nasdaq: JDAS) plunged today by as much as 16% after the company announced preliminary fourth-quarter results last night.

So what: The figures aren't complete quite yet, hence the "preliminary" part, but revenue is expected to be roughly $173 million, shy of the Street consensus of $180.8 million. Full-year revenue is pegged near $670 million, in line with the midpoint of the company's own guidance range but short of the $678.4 million analyst expectation.

Now what: For fiscal 2011, earnings per share are estimated between $2 and $2.20, compared with the $2.22 that the market was looking for. The digits come up short in virtually all categories relative to what the Street was hoping for. JDA CEO Hamish Brewer said the company saw an "unanticipated shortfall" in software license sales in the fourth quarter but intends to "better understand" the company's North American software spending plans in the coming quarter.

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