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 Calix (NYSE:CALX) have tanked today by as much as 15% after the company reported earnings.

So what: Revenue in the fourth quarter totaled $91.4 million, which resulted in non-GAAP net income of $2.9 million, or $0.06 per share. That top line result was just barely shy of the $91.6 million in sales that the Street was forecasting, while the bottom line figure was well ahead of the $0.02-per-share profit expectation.

Now what: CEO Carl Russo said the company finished the year on a positive note and hopes to carry the momentum into 2013 as its product portfolio has expanded. Calix has been on a steady upward climb over the past several months, so it seems that investors may have possibly gotten ahead of themselves and were expecting better results. It also might not help that on a GAAP basis, the company posted a net loss of $6.6 million, or $0.14 per share.

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