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 International Game Technology (NYSE: IGT) fell 20% today after the company reported disappointing earnings.

So what: During the third fiscal quarter, revenue grew 9% to $533 million, and adjusted earnings per share fell 12% to $0.23. Both figures were below estimates, and the EPS number was well below the $0.29 analysts had expected.

Now what: The major concern in gaming right now is that a slowdown in China will affect growth in not only Macau, but also other parts of Asia. Still, revenue did grow 9%, and the stock's trailing P/E multiple is now 13, a reasonable value for a company that is still growing. I think the stock may see some more pressure in the short term, but long-term, gaming is expanding and revenue should continue to grow.

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