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 motorsports racetrack operator International Speedway (Nasdaq: ISCA) sank as low as 10% today after its quarterly results and guidance easily missed Wall Street expectations.

So what: International Speedway shares have rallied over the past few months on solid revenue growth, but today's third-quarter miss -- adjusted EPS of just $0.01 on revenue of $116 million versus the consensus of $0.08 and $127.4 million -- coupled with downbeat guidance for the full year is forcing Mr. Market to sober up. Management cited scheduling changes of racing events and the ongoing effects of the weak economy for the miss, reigniting concerns over the company's exposure to the crunched middle-class consumer.

Now what: Management now sees full-year adjusted EPS below its prior view of $1.50-1.60 and confirmed the low end of its revenue range at $610 million, versus the consensus of $1.56 and $621 million, respectively. "We remain encouraged with many aspects of our business despite the ongoing affects of the sluggish economy, which continues to impact on our attendance-related revenues," CEO Lesa Kennedy reassured investors. When you couple the ongoing trend of weak consumer spending with the stock's P/E of roughly 20, however, International Speedway's risk/reward tradeoff isn't too appealing -- even after today's pullback.  

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