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 education service provider Higher One (NYSE: ONE) fell as much as 22% today after the company missed earnings expectations.

So what: Revenue was just $41.7 million in the quarter, falling well short of the $51.4 million analysts expected. Adjusted earnings per share were in line with expectations at $0.21, but GAAP earnings per share fell a penny to $0.13 in the quarter.

Now what: To top off the weak earnings report, Raymond James downgraded the stock this morning. Despite the tough quarter revenue growth was strong in 2011, and the company met its guidance. I wouldn't buy until shares settle down, but there may be value creeping into shares given the strong growth rate.

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