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 footwear specialist Deckers Outdoor (Nasdaq: DECK) sank 11% on Friday after its outlook easily missed Wall Street estimates.

So what: Deckers' fourth-quarter profit surged 40%, but a disappointing current-quarter outlook -- EPS of just $0.25 versus the consensus of $0.63 -- is forcing analysts to cut their price targets. While UGG sales remain strong, rising sheepskin prices are triggering concerns over Deckers' long-term profitability.

Now what: Looking further ahead, management sees 2012 EPS of $5.07, also well below Wall Street's view of $5.82. "We continue to pursue all available opportunities to further mitigate the impact of cost pressures and based on our initial visibility, we expect to experience relief beginning in 2013," said CEO Angel Martinez. For investors with enough patience to wait it out, today's pullback might be providing an attractive entry point.

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