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 network data traffic technologist Gigamon, Inc. (NYSE:GIMO) plummeted 30% on Tuesday after its current-quarter outlook easily missed Wall Street expectations.

So what: The stock has plunged over the past month on concerns of slowing growth, and late Monday's disappointing preliminary Q1 results only reinforce those worries. While management blamed this miss on just a single expected large transaction from an existing customer that didn't materialize, Mr. Market is interpreting it as a sign that Gigamon's competitive position is weakening internationally.

Now what: Management now expects Q1 revenue of $31 million-$31.5 million with gross margins of 71%-72%, versus its prior view of $34 million-$35 million and gross margins of 78%-79%. "While we are disappointed in these preliminary results, we remain confident in our business strategy and the market opportunity," said CEO Paul Hooper. "We did not see any material change within the competitive landscape during the first quarter and we are encouraged by our initial assessment of our second quarter pipeline." More importantly, with Gigamon still boasting a rock-solid balance sheet and beaten-down stock price, the downside might be limited enough to bet on that bullishness.