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 Pacific Sunwear of California (NASDAQOTH:PSUNQ) were glowing today, climbing 11% on anticipation of strong earnings report after hours today, but gave back all those gains after delivering its results.

So what: Stocks often gain a few percentage points in the run-up to highly anticipated earnings, but it's rare to see a jump like this. PacSun has been on a tear this year as investors buy into its turnaround strategy, and shares were up 150% from the beginning of the year. However, those hopes were dashed after the quarter's results were released this afternoon. Adjusted earnings per share came in at $0.02, beating expectations of breakeven, while revenue was slightly below estimates. PacSun reported sales of $215.2 million, missing the consensus at $215.7 million, and comparable sales increased 3%.

Now what: While those results were decent, compared with expectations, they certainly don't merit the 11% jump PacSun shares experienced during the trading session. The retailer's guidance for the current quarter also turned off investors as it sees an EPS loss of $0.09-$0.04, while analysts had expected another breakeven quarter. The company is blaming $0.06 of that loss to losing a week in the calendar, but also see comparable slowing to -1% to 3%. With middling results like that ahead, it's not surprising to see the share price coming back toward earth.