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 surf and skate outfitter Quiksilver (OTC:ZQKSQ) were doing a face plant today, falling 13%, after a disappointing earnings report.

So what: Both earnings and revenues missed estimates, as the company reported $0.07 a share on expectations of $0.10, and sales of $559 million missed the Street's eye by about 1%. For the fifth quarter in a row, gross margin contracted, though that was partly due to currency translation effects. CEO Robert McKnight cited economic headwinds in Europe and Australia as one of the challenges facing the company, but revenue still increased in all three regions and major brands, Quiksilver, Roxy, and DC, on a constant currency basis.

Now what: Quiksilver stock has been particularly volatile this year, having doubled from its price this summer, before today's drop. Due to the seasonality of the business, the company was barely profitable for the year, with just $0.04 a share in EPS, and it has missed earnings estimates in four of its last five quarters. Growth was strong in its DC brand in Q3 but, other than that, future prospects seem limited. I'd hold out for stronger profits.

Catch a ride on Quiksilver's next wave.