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 clothing company Perry Ellis International (NASDAQ:PERY) plunged 23% today after it cut its guidance for the second half of 2014.

So what: The stock has been sluggish over the past few months on concerns over weak demand, and today's third-quarter warning -- Perry Ellis expects a loss of $0.15 to $0.17 -- coupled with downbeat full-year guidance only reinforces that worry. On a positive note, the company continues to see strong performance in its golf lifestyle apparel and Nike swim business, giving shareholders some hope that growth will be restored sooner rather than later. 

Now what: Management now sees full-year adjusted EPS of $0.95-$1.01 on revenue of $960 million-$970 million, well below its prior view of $1.50-$1.60 and $985 million-$995 million. "The reduction reflects the impact of third quarter of fiscal 2014 along with the private label reduction for the mid-tier channel as well as direct retail sales for the remainder of the year," said the company in a statement. When you couple those demand headwinds with Perry Ellis' still-hefty debt load, I'd wait for an even wider margin of safety before jumping in.