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 (NASDAQ:OSTK) were getting moved to the sales rack today, falling as much as 17% after a disappointing earnings report this morning.

So what: The online retailer showed solid improvement on both top and bottom lines as revenue increased 18% to $301.4 million, in line with estimates, and net income grew 31% to $0.14 per share, missing estimates by a penny. While those numbers were certainly respectable, the market seemed to have gotten its hopes up after three straight quarters of solid earnings beats. Management credited the sales improvement to the new Club O loyalty rewards program, a similar offer to Amazon Prime, and also noted improved delivery times on the East Coast because of its new warehouse in Pennsylvania.

Now what: Shares of are still up more than double from their price this spring as the stock soared after an impressive first-quarter earnings report. Today's sell-off seems to be more of an indication that the stock had been overbought than any particularly weakness in its report. Operating in Amazon's shadow, it seems like the company will struggle to deliver significant profits as long as Amazon is willing to offer rock-bottom prices, and a P/E near 26 means the stock isn't a bargain. I'd look elsewhere.