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 Teradata (NYSE:TDC) have dropped today by as much as 13% after the company reported third-quarter results.

So what: Revenue in the third quarter fell short of analyst expectations at just $647 million. On a constant currency basis, revenue increased 10%. The results were somewhat mixed though, since the bottom line came out better than expected with non-GAAP earnings per share of $0.69.

Now what: CEO Mike Koehler said it was a tough macro environment, but that Teradata's three core markets of data warehousing, big data analytics, and integrated marketing management are as strong as ever. However, Teradata now expects full-year 2012 revenue growth to be at the low end of its guidance, which calls for 12% to 14% growth. Earnings per share should be in the middle of the outlook, which is expected between $2.34 and $2.44.

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