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 Quiksilver (NYSE: ZQK) were eating dirt today, falling as much as 15% after posting a weak second-quarter earnings report.

So what: The surf-and-skate-inspired apparel maker said its adjusted loss per share fell from 3 cents a year ago to 12 cents as revenue dropped 7% to $458.7 million. Both numbers were well short of analyst expectations of a $0.04 per-share profit and sales of $505.4 million. Revenue was down 10% at its namesake in brand and dropped 4% in its Roxy line, which has recently been its best performer. DC brand sales were up 1%. Sales from the Americas gained, but were down sharply in other regions as management blamed  in particular declines in the Europe, Middle East, and Africa wholesale channel.

Now what: Quiksilver shares had been on fire this year, more than tripling since last summer as investor confidence in the company's turnaround plan has grown. However, this was the third quarter in a row that the company has missed earnings estimates, with today's shortfall being particularly egregious. Given those results, the turnaround seems to be a long way's away from materializing. I'd say now's a good time to take profits if you got on board in the last year.

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