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 sports equipment retailer Dick's Sporting Goods (NYSE:DKS) sank 10% today after the company's quarterly results and guidance missed Wall Street expectations.

So what: The stock has rallied over the past few months on optimism over rebounding gun sales, but a first-quarter miss -- EPS of $1.03 on revenue of $1.8 billion versus the consensus of $1.06 and $1.86 billion, respectively -- coupled with downbeat full-year guidance is forcing Mr. Market to sober up. While gun sales did have a positive impact on the quarter, unexpectedly warm weather conditions, as well as lower demand for Livestrong fitness equipment, weighed heavily on results.

Now what: Management now sees full-year EPS in the range of $2.84 and $2.86, also below Wall Street's view of $2.92. "[I]nvestments have strengthened our foundation and position us for continued growth," Chairman and CEO Edward Stack reassured investors. "We're optimistic about our outlook for the coming year and excited about our long-term prospects for the future." With the stock flirting with its 52-week low once again and trading at a reasonable forward P/E of 15, buying into that bullishness might even be a decent idea.

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