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: There was a bad taste in investors' mouths today after Buffalo Wild Wings (NASDAQ:BWLD) reported earnings and the stock fell 12%.

So what: Management said third-quarter revenue increased 25% to $246.9 million but fell short of the Street estimate of $253.9 million. Earnings of $0.57 per share were $0.03 short of the estimate.

What really had investors reaching for the sell button, though, was a forecast for 15% earnings growth in 2012, down from a previous estimate of up to 20%.

Now what: Higher costs are hitting Buffalo Wild Wings, which will have an impact on the bottom line. What we should keep in mind is that the company is still growing like a weed, even if growth isn't as strong as some expected. I'm not a buyer at today's forward P/E ratio of 19, but if the stock continues to fall in the next few weeks and investors can get in at a ratio closer to 15, I think it will be a good value.

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Fool contributor Travis Hoium has no positions in the stocks mentioned above. You can follow Travis on Twitter at @FlushDrawFool, check out his personal stock holdings, or follow his CAPS picks at TMFFlushDrawThe Motley Fool owns shares of Buffalo Wild Wings. Motley Fool newsletter services recommend Buffalo Wild Wings. Try any of our Foolish newsletter services free for 30 days. We Fools don't all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.