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 apparel maker Quicksilver (OTC:ZQKSQ) fell 10% in early trading today after announcing fiscal first quarter 2013 earnings.

So what: Revenue for the quarter was $431 million, down 3% on a constant currency basis and below the consensus estimate of $464.9 million. On the bottom line, the company lost $0.16 per share, which was even worse than the $0.07 analysts expected the company to lose.  

Now what: This isn't historically the company's strongest quarter, but the trajectory shows just how quickly it's going out of style. The company has now lost money over the past year, and with the stock trading at 18 times earnings estimates that will likely come down, I think the stock is overvalued. I'm staying away today and don't expect Quicksilver to come back into fashion any time soon.

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