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What: Shares of Bob Evans Farms Inc (NASDAQ:BOBE) were giving investors indigestion today, falling as much as 11% after a disappointing second-quarter earnings report.

So what: The casual-dining chain reported a per-share profit of just $0.35, missing estimates at $0.55, as sales from continuing operations increased 1% to $332.6 million, also falling short of expectations at $339.1 million. Management blamed higher-than-expected sow prices for the drop in profits, saying it reduced EPS by about $0.27. Same-store sales at Bob Evans Restaurants fell 1.9% as the company is in the process of overhauling its locations, though that slide was offset by 10.6% sales growth in its food-supply segment.

Now what: Given the drop in second-quarter earnings, full-year EPS guidance was also light at $2.60-$2.65, below the consensus at $2.72, though that range seems to indicate a strong second half. Management also said it sees same-store sales of 0%-1% for the second half of the year, though that seems optimistic given that comps got worse through the second quarter. I'm also a bit skeptical of the restaurant-makeover strategy considering that comps were down at the remodeled locations, though by less than the unremodeled ones. Casual-dining restaurants have struggled lately, and I'd like some evidence that the investment in updating its real estate is paying off before getting behind this stock.

Fool contributor Jeremy Bowman 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.