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 shoe company Crocs (Nasdaq: CROX) were getting thumped by investors today, falling as much as 10% in intraday trading after the company reported fourth-quarter earnings.

So what: There actually wasn't all that much to complain about when it came to the results for the fourth quarter. Revenue for the quarter of $204 million slightly missed analysts' estimates, but it did grow 14% from the previous year. Earnings per share, meanwhile, clocked in at $0.06, up slightly from $0.05 in 2010 and above the $0.04 that Wall Street was looking for.

Now what: Since wasn't much to be disappointed about in the past results, it must have been the forecast that tripped up Crocs. For the first quarter, the company said that it will likely earn between $0.24 and $0.26 per share, which is well below the $0.30 that analysts had projected.

With Crocs shares trading at less than 16 times trailing earnings and the debt-free company's cash position increasing to nearly $260 million, it's worth noting that this is a very different investment opportunity than when the company was at the height of hype. You still have to believe in the company, but it's possible that investors are getting a little short-sighted with first-quarter guidance here.

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