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 ExactTarget (UNKNOWN:ET.DL) missed the mark today, down by as much as 16% after the company reported earnings with weak guidance.

So what: Revenue in the quarter was $88.9 million, with an adjusted net loss of $0.08 per share. Those results topped consensus estimates, which were asking for $88 million in revenue and a loss of $0.09 per share. Earnings guidance for the coming quarter left something to be desired, though.

Now what: The second quarter is expected to generate an adjusted loss of $0.10 to $0.12 per share, which is worse than the $0.08 per share adjusted loss that investors were bracing for. Revenue should be in the range of $91 million to $92 million, which means ExactTarget will need to land near the high end to meet the $91.9 million that the Street is modeling for.

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