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 Hain Celestial Group (NASDAQ:HAIN) were looking less than heavenly today, falling as much as 12% after a disappointing earnings report.

So what: The maker of organic and natural foods including Garden of Eatin, said sales improved 18%, to $535 million, slightly below expectations of $536.5 million, as earnings hit $0.87, meeting expectations. CEO Irwin Simon said he was "pleased" with the second-quarter results, but noted a decline in gross margin due to higher commodity costs, as gross margin dropped 200 basis points, to 26.7%. Still, earnings per share increased 30% as the company controlled SG&A costs.

Now what: Hain also updated its guidance due to a recent acquisition of Basmati rice-maker Tilda, and now expects revenue of $2.115 to $2.145 billion, and EPS of $3.07 to $3.15. The analyst consensus sits at $2.14 billion and $3.11 a share. Considering the above numbers, Hain's report wasn't particularly bad and, as a high-priced stock, it's likely getting punished for the slight top-line miss; but the stock gained through most of the session after opening lower, finishing the day close to 6% down. That reaction indicates the market believed the sell-off to be overdone.