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 design software specialist Autodesk (Nasdaq: ADSK) plummeted 15% on Friday after its current-quarter guidance came in well below Wall Street expectations.

So what: Autodesk's first-quarter results were in line with analyst estimates, but a disappointing second-quarter outlook is forcing analysts to lower their valuation estimates considerably. Management cited the persistent weakness in Europe for the gloomy forecast, reigniting concerns over its growth trajectory going forward.  

Now what: Management now sees second-quarter adjusted EPS of $0.46 to $0.51 on revenue of $580 million to $600 million -- versus Wall Street's view of $0.51 and $600.7 million -- but also backed its full-year forecast. "While the macroeconomic environment continues to keep us somewhat cautious, we remain confident with our FY '13 goal of increasing revenue by at least 10% and increasing non-GAAP operating margin by approximately 200 basis points," CEO Carl Bass reassured analysts. With the stock now off about 35% from its 52-week high and trading at forward P/E of 12, buying into that bullishness might be a decent idea.  

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Fool contributor Brian Pacampara owns no position in any of the companies mentioned. Try any of our Foolish newsletter services free for 30 days. We Fools don't all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Fool's disclosure policy always gets a perfect score.