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 thesis.

What: Shares of Shutterfly, (SFLY) were getting clicked shut today, falling as much as 15%, and finishing down 11% on a disappointing earnings report.

So what: The photo-sharing website said revenues increased 16.8%, to $410.8 million, topping estimates of $408 million, while earnings of $1.10 per share beat expectations of $1.07. CEO Jeffrey Housenbold called the quarter "a strong finish to another outstanding year," and said that the company successfully executed its strategic plan. Guidance, however, disappointed the market as the company sees revenue of $132 to $135 million, and EPS of -$0.92 to-$0.86. Analysts had expected sales of $138.4 million on a per-share loss of -$0.42.

Now what: Full-year EPS projections were also way off the mark, as Shutterfly expects a 2014 loss of -$0.28 to -0.02, much worse than the analyst consensus at $0.33 per-share profit. Part of the reason for the projected loss seems to be the loss of $15 million in revenue due to the termination of a relationship with Costco, as well as increased depreciation and amortization due to 2013 acquisitions. Though many of those expenses may not affect cash flow, investors should be hoping those investments pay off in the long run so profits return in 2015.