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 Global Cash Access (NYSE:EVRI) dropped by as much as 17% today before recovering most of those losses after the company released preliminary results.

So what: For 2012, the company expects cash earnings per share at the high end of its previously provided outlook of $0.81 per share to $0.84 per share. Adjusted EBITDA should also come in at the high end of guidance, which called for $77 million to $80 million. The real cause for concern was guidance.

Now what: The company is expecting cash earnings per share in the range of $0.76 per share to $0.83 per share, with adjusted EBITDA of $70 million to $74 million. The company cited unfavorable pricing terms on certain contract renewals, among other factors, for the soft forecast. The guidance is short of the consensus estimate, which calls for $0.87 per share in adjusted earnings.

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