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 speech recognition technologist Nuance Communications (Nasdaq: NUAN) dropped as much as 14% after its first-quarter results disappointed Wall Street.

So what: The quarterly miss -- adjusted EPS of $0.34 versus the consensus of $0.36 -- represents its first in four quarters, triggering fresh fears over slowing growth. Of course, Nuance shares were running up heavily into the earnings report, so a pullback shouldn't come as a big surprise.

Now what: I'd look into this weakness as a possible buying opportunity. Looking ahead, management now sees second-quarter adjusted EPS of $0.36-$0.40 on revenue of $395 million to $415 million, which is pretty much in line with Wall Street estimates. Given Nuance's still-solid growth prospects and the fact that today's miss was caused largely by delayed revenues, I'd expect the shares to bounce back relatively quickly.  

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