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 outdoor sporting goods retailer Cabela's (NYSE:CAB) plunged 17% today, after its quarterly results disappointed Wall Street.

So what: Cabela's shares have soared in 2012 on solid top and bottom line growth, but today's third-quarter miss -- income growth of 28% matched estimates, but revenue of $741.17 million fell just shy of expectations -- is forcing Wall Street to sober up a bit. While total revenue increased 9%, a decline in Cabela's direct sales, due to weaker clothing and footwear demand, is triggering concerns over slowing growth going forward.

Now what: Management sees full-year EPS at the high end of its previous range of $2.63 to $2.68, and expects 2013 EPS growth of at least low double-digits. According to CEO Tommy Millner:

Key operational improvements and the strong performance of our new stores give us confidence in our ability to increase return on capital going forward. We are optimistic about our prospects for the remainder of 2012 and 2013.

With the stock now well off its 52-week highs, and trading at a reasonable forward P/E of 15, now might finally be a good time to buy into that bullishness.

Interested in more info on Cabela's? Add it to your watchlist.

Fool contributor Brian Pacampara has no positions in the stocks mentioned above. The Motley Fool has no positions in the stocks mentioned above. Try any of our Foolish newsletter services free for 30 days. We Fools may not 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.