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 specialty retailer Conn's (Nasdaq: CONN) crashed by as much as 12% today after the company reported first-quarter earnings.

So what: Revenue totaled $200.9 million, topping the Street estimate of $195.2 million, while the adjusted earnings per share of $0.35 also bested the $0.33 per share that analysts were looking for. Same-store sales jumped 17.8% from a year ago, and retail gross margins increased by 3.2% to 33.7%.

Now what: Conn's also raised its full-year guidance, with earnings per share expected between $1.30 and $1.40. The company is looking to open between five and seven new stores this year, with same-store sales increasing in the mid to high single digits. Shares opened higher after the report, but proceeded to give up all the gains and then some amid the broader market decline and macro uncertainties that have resulted in a shift away from small-cap stocks.

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Fool contributor Evan Niu holds no position in any company mentioned. Click here to see his holdings and a short bio. The Motley Fool has a disclosure policy. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. Try any of our Foolish newsletter services free for 30 days.