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 Arctic Cat (NASDAQ:ACAT) were getting the cold shoulder from investors today, falling as much as 18% after delivering an underwhelming second-quarter-earnings report this morning.

So what: The snowmobile maker posted earnings per share of $1.70, down from $1.80 a year ago, and below the analyst consensus at $1.96, while revenues increased 4.1% to $238.5 million, short of expectations at $251.6 million. CEO Claude Jordan noted that ATV sales in North America and Europe fell short of expectations in the quarter, impacting profitability, and said he expects a "challenging second half of the year." Despite the setback, Arctic Cat is maintaining its fiscal 2014 outlook of an EPS of $3.27-$3.37, and revenue of $754 million-$768 million, both in line with estimates.

Now what: Considering that Arctic Cat's EPS guidance represents a 13%-17% increase from the year before, the stock looks far from broken. With new products coming on the market including two new pure-sport side-by-sides and a Wildcat 50 Trail model, and European demand expected to pick-up as the eurozone moves out of recession, I'd expect Arctic Cat to bounce from this weak quarter. For long-term investors, there's no reason to panic here.