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 Comtech Telecommunications (NASDAQ:CMTL) dropped by as much as 13% today, before recovering after reporting earnings.

So what: Revenue in the fiscal first quarter was $91 million, down from the $113.4 million top-line result a year ago. GAAP net income came in at $7.4 million, or $0.36 per share. Guidance was gloomy, as Comtech had to slash its full-year forecasts in both revenue and profit.

Now what: The drop in revenue was attributed to the expectedly lower sales in the company's mobile data communications segment. Fiscal 2013 sales should now be in the range of $350 million to $365 million, down from the previous range of $375 million to $395 million. Earnings per share were also toned down to a new forecast between $1.26 and $1.34. CEO Fred Kornberg said the ominous "fiscal cliff" has been rattling its customer base and adding uncertainty.

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Fool contributor Evan Niu, CFA, 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.