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 AVG Technologies (OTC:AVGTF) have fallen by 11% today after the company released an earnings report with somewhat mixed messages after yesterday's closing bell.

So what: AVG's second quarter resulted in revenue of $100.4 million and earnings of $0.54 per share for the antivirus software developer. The top line narrowly missed estimates of $100.6 million, but AVG's EPS result trounced Wall Street's expectations of $0.42.

Analysts and investors seem less enamored of AVG's forward guidance. The company's third quarter projections call for revenue in the $100 million to $104 million range, against a consensus estimate of $104.8 million. EPS, in a range of $0.44 to $0.49, does come in about even with the Street's $0.46 consensus. Full-year guidance now anticipates a revenue range of $416 million to $427 million, and EPS in the range of $2.00 to $2.10. Both of these ranges beat the Street's consensus numbers, which anticipated $418.7 million on the top line and $1.91 on the bottom line for 2013.

Now what: AVG's guidance gives us an anticipated forward P/E in the range of 9.6 to 10.1. Everybody panic! On a more serious note, this drop is probably just a profit-taking move from a stock that's already doubled over the past 52 weeks. The company is already cheaper than its largest peer Symantec, and is set to get cheaper still. I'd certainly start looking into this stock as a worthwhile addition to your portfolio today.

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