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 Bally Technologies (UNKNOWN:BYI.DL) were taking a spill today, falling as much as 10% after the company reported quarterly estimates last night.

So what: The gaming technology specialist posted an adjusted per-share profit of $1.10, missing estimates of $1.12, though revenue jumped 30.6%, helped by the acquisition of SHFL entertainment, to $338.4 million, beating expectations at $328.8 million. CEO Ramesh Srinivasan called the results "outstanding," and noted that operating margin expanded from 23% to 26%. 

Now what: For the full year, Bally guided EPS between $4.35 and $4.50, in line with analyst estimates at $4.39, and slightly higher than its previous guidance of $4.30-$4.50. Considering that revenue beat estimates and forward guidance was healthy, today's drop is a bit puzzling. Some analysts lowered their price targets after today's report, but Bally's also got an upgrade from Citigroup, which lifted its rating to buy from neutral, and Brean Capital named it a top pick in the sector due, in part, to its growth and high-margin revenue stream. I'd tend to agree with the bulls on this one as I see little reason to sell after today' s announcement.