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: Share's of investment and financial software provider SS&C Technologies (Nasdaq: SSNC) fell nearly 10% this morning, but have since "recovered" to a 7% loss. The company's lowered guidance more than offset the goodwill its strong quarterly results might have generated.

So what: Today's results were $120.9 million in revenue and $0.33 in EPS, which were in line with expectations and a $0.01 beat, respectively. But that's not the big problem today. The top range of SS&C's full-year earnings estimate was sliced by $3 million. The new range is now $112.7 million-$115 million, down from $113 million-$118 million as estimated in June.

Now what: Companies have been downgrading their guidance throughout the quarter, a bad sign that the market might be about to fall on its face. But there's nothing hugely dangerous about such a small slice off the top, and SS&C's guidance for the third quarter shows growth on both top and bottom lines from the current quarter. SS&C isn't that cheap at its current valuation, and remains near yearly highs after this drop.

Sentiment could push the stock in either direction, but the relatively rapid recovery from today's lows indicates that the market thinks there could be more upside than downside ahead for SS&C.

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