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 management and technology services provider Sapient (Nasdaq: SAPE) are tanking today by as much as 18% after the company reported first-quarter earnings.

So what: Service revenue came in at $260.6 million, with non-GAAP earnings per share of $0.11. CEO Alan Herrick admitted that the company started off its fiscal 2012 slower than he would have liked, but saw momentum across all areas of its business.

Now what: Herrick also added that its global markets segment has stabilized, which is encouraging. Going forward, second-quarter service revenue is predicted to be in the ballpark of $267 million to $277 million, with non-GAAP operating margin of 10% to 11.5%. That guidance falls short of the $283.7 million that analysts were expecting in the coming quarter.

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