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 Bazaarvoice (NASDAQ:BV) have dropped today by as much as 11% after the company reported earnings.

So what: Revenue in the second quarter rose 54% to $38.6 million, just slightly ahead of the consensus estimate of $38.5 million. The company posted a non-GAAP net loss of $0.07 per share, which was also better than the $0.10 per share in red ink that the Street was expecting.

Now what: The figures were right in line with what the company preannounced earlier this month when it acquired Longboard Media and named Stephen Collins its new CEO. Deutsche Bank said that billings growth decelerated to 27%, which seems weak, but the firm remains bullish overall. It's maintaining its buy rating but reduced its price target to $28.

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