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 Rovi (NASDAQ:ROVI) have gotten crushed today, down by 21% at the low, after the company reported earnings but cut outlook.

So what: Revenue in the second quarter totaled $146.4 million, which translated into adjusted earnings per share of $0.46. That top-line figure was shy of the $152.9 million consensus estimate, and the bottom line was on target with expectations. The company said it was selling its consumer website businesses, which reduced its revenue forecast.

Now what: Rovi has entered separate agreements to sell its Rovi Entertainment Store and consumer website businesses so that it can focus on its core operations. Both deals should close this quarter, and both segments are being reclassified as discontinued operations. Rovi now expects fiscal 2013 sales at $600 million to $630 million, while investors were hoping for $645.4 million.

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