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 software products supplier to the financial sector SS&C Technologies (Nasdaq: SSNC) dipped as much as 12% this morning before paring about two-thirds of its losses after reporting first-quarter results.

So what: For the quarter, SS&C noted a 5.2% jump in revenue to $93.7 million and an adjusted EPS profit of $0.28. If you can get past the company's confusing GAAP versus non-GAAP discussion in its report, you'll realize its EPS met expectations while sales fell slightly short of the consensus. SS&C blamed weak license revenue for the sales weakness. The real news that had the software company diving on the open was its second-quarter and full-year sales guidance. Based on the midpoint of the sales range the company provided, both the second quarter and full year fell about 2%-3% below Wall Street's expectations.

Now what: License revenue is where the fat margins are, so I wouldn't exactly say I'm feeling particularly optimistic about SS&C's near-term outlook. With the company's earnings growth slowing, I'm not sure it really should be commanding a forward multiple of 17 or be trading at nearly five times sales. In short, wait for SS&C's license revenue to improve before considering this a safe investment.

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