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 premium denim maker True Religion Apparel (Nasdaq: TRLG) sank 12% on Wednesday after its quarterly results and guidance missed Wall Street expectations.

So what: True Religion's second-quarter miss -- EPS of $0.39 versus the consensus of $0.35 -- coupled with an equally gloomy full-year forecast reinforces concerns over high-end spending. Management cited slowing international sales and weak demand from women shoppers for the disappointing results, forcing analysts to lower their growth estimates yet again.

Now what: Management now sees full-year EPS of $1.80-$1.86 and revenue of $450 million-$455 million, down from its prior view of $1.88-$1.95 and $450 million-$460 million, respectively.

"We're still a very prestigious brand," founder and CEO Jeffrey Lubell reassured investors. "I call it a hiccup, but Wall Street likes to do what they do best, based on performance and our job here is to perform every quarter." With the stock hitting a new 52-week low today and trading at a cheapish forward P/E, True Religion might be a good way to take advantage of that short-termism.

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