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 Hibbett Sports (NASDAQ:HIBB) fell as much as 12.5% today after the company reported earnings.

So what: Second-quarter revenue rose 13% to $186.2 million and net income was up 33% to $10.5 million, or $0.40 per share. Both figures were ahead of estimates, but the company lowered its fiscal 2014 earnings outlook from $2.85-$3.05 per share down to $2.65-$2.77 per share.  

Now what: A drop in expected same-store sales revenue increase was the reason for the reduced guidance. Consumers don't seem to be spending freely this back-to-school season, something many retailers are dealing with. With shares now trading at 20 times the low end of guidance, I think the stock is a little overvalued given the growth rate, so I'll sit out the discount today.

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