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 footwear specialist Deckers Outdoor (DECK -1.76%) plunged 15% today after its current-quarter outlook disappointed Wall Street.

So what: Deckers' fourth-quarter results -- income spiked 44% on a revenue jump of 19% -- managed to top estimates, but downbeat guidance for the current quarter is forcing analysts to temper their growth expectations. While management cited costs associated with opening 28 additional stores last year for the worse than expected outlook, Wall Street is interpreting the weak top-line view as a sign of declining popularity of its important Ugg brand. 

Now what: Management now sees a first-quarter loss of $0.16 per share on revenue growth of 6%, well below Wall Street's view of a $0.10-per-share profit and a top-line increase of 12%. "Looking ahead, we expect to be well positioned to execute our consumer centric growth strategy with compelling new product introductions, engaging store experiences and a dynamic online offering," president and CEO Angel Martinez reassured investors. "We are excited about the direction the Company is headed and we are committed to capitalizing on the many expansion opportunities that we believe are in front of us." More important, with the stock now off about 20% from its 52-week highs, Mr. Market might be giving Fools another cheap chance to buy into Deckers' long-term turnaround story.