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 Cash America International (NYSE:CSH) have fallen 12% today after reporting underwhelming earnings for the third quarter, which were paired with extremely disappointing reduced guidance for the remainder of the year.

So what: Cash America's revenue for the third quarter came in at $437.8 million, essentially flat year over year but below the $443.9 million analyst consensus. Earnings of $0.80 per share also slightly underperformed the $0.81 consensus. But the real whiff came in Cash America's forward guidance, which now anticipates an EPS range of $0.95 to $1.05 for the fourth quarter and $4.20 to $4.40 per share in EPS for the full year. Analysts had pegged these numbers at $1.20 per share for the fourth quarter and $4.93 for the full year, so the disappointment reflected in today's drop is understandable.

Now what: Either way you slice it, Cash America is pretty cheap on these forward metrics -- its current price of roughly $40 a share implies a P/E under 10 even on the low end of its full-year guidance. The lending company has faced a difficult environment lately as consumers retrench, and even rebounding to the full $4.40 per share estimate for the full year won't bring it back to its mid-2012 peak. But over the long run, it doesn't appear that Cash America's problems will continue to push its earnings lower than they already are. Since the company's now at the lower end of its recent valuation range, today's drop might be a good reason to take a closer look.

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Fool contributor Alex Planes has no position in any stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.