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 Checkpoint Systems (UNKNOWN:CKP.DL) have plunged more than 14% today after the company reported second-quarter earnings that disappointed analysts on the bottom line.

So what: Checkpoint's revenue came in at $172 million for the second quarter, and its adjusted earnings were $0.11 per share. The top-line result was slightly ahead of Wall Street's $171.1 million consensus, but as analysts were looking for $0.18 in EPS, the bottom-line result is understandably disappointing. However, Checkpoint has raised its full-year revenue guidance slightly into the $685 million to $700 million range, which beats Wall Street's expectation of $680.9 million even on the low end. Full-year EPS guidance remains in the range of $0.65 to $0.75, which hits the $0.70 consensus right in the middle.

Now what: Checkpoint's shares have already doubled over the past 52 weeks, and this was a clear sign of profit-taking. The company's forward guidance gives it an adjusted P/E in the 20.3 to 23.5 range, which is not in screaming buy territory, but it's not in nosebleed territory, either. There might still be plenty of fuel left in this stock-price growth engine. Do some digging into the details and you might find out that Checkpoint is worth a small slice of your portfolio today.

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