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 promotions provider InnerWorkings (NASDAQ:INWK) dropped as much as 42% today after the company released earnings.

So what: Third-quarter revenue was up 16% to $232.6 million and non-generally accepted accounting principles earnings per share were down to $0.05 from $0.10 a year ago. Both figures were below estimates. The dagger for the stock was lowering full-year revenue guidance to $865 million-$880 million from a previous $910 million-$940 million and cutting earnings-per-share guidance by more than half to $0.16-$0.20 per share.  

Now what: The production graphics business has been the real disappointment and was blamed for most of the shortfall this quarter and for the full year. The other challenge is that investors had already priced in growth this year and next, which can cause a crash when guidance is cut like it was. I don't see this as any sort of buying opportunity today and would wait for significant fundamental improvement before jumping into InnerWorkings.