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 Titan Machinery (Nasdaq: TITN) fell as much as 21% today after the company released earnings.

So what: Sales rose 33% at the agriculture and construction retailer to $421.7 million, topping estimates of $393.4 million in revenue from analysts. But the bottom line is where Titan fell short, posting earnings per share of $0.36, $0.02 short of estimates.

Now what: The higher sales were followed by higher cost, primarily blamed on a greater mix of construction revenue. Investors may be disappointed with today's profit, but if we take a step back, management is expecting fiscal 2013 profit of $2.55-$2.75 per share, on par with estimates. This also puts the stock at about a 10 P/E, a great price for a company growing revenue and earnings. I think the stock can recover from today's fall and outperform long-term.

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