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 Active Network (NYSE: ACTV) got sliced nearly in half today, down by 46% at the low, after the company reported earnings.

So what: Third-quarter revenue came in at $109.2 million, slightly below expectations. Earnings per share came in at $0.05, just above the $0.04 consensus estimate. However, the real culprit to the crash was Active Network's outlook.

Now what: Fourth-quarter revenue should be in the range of $93 million to $97 million. That was only marginally below forecasts, but fiscal 2013 was way short. Next fiscal year is expected to see revenue of $470 million to $480 million, but investors were expecting it to clear at least $500 million. A number of analysts have downgraded the stock today as a result, including Raymond James, Northland Securities, and Barrington Research, further adding to the downside pressure.

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