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 wireless communications technologist CalAmp (NASDAQ:CAMP) dropped 13% today after its current-quarter outlook disappointed Wall Street.

So what: CalAmp's Q1 results were particularly strong -- earnings spiked 59% to $2.7 million on a revenue increase of 10% -- but downbeat guidance for Q2 is causing Mr. Market to quickly recalibrate his growth estimates. Slumping demand at CalAmp's satellite business continues to offset much of the strength at its wireless datacom segment, raising plenty of concern among analysts over its near-term profitability.

Now what: Management now expects Q2 EPS of $0.17-$0.21 on revenue of $57 million-$61 million, below the consensus of $0.22 and $62.5 million. "[W]e anticipate the second half of fiscal 2015 will be significantly stronger than the first half of the year, with Wireless Datacom revenue growth expected to accelerate as we move through the last two quarters of the year driven by the emerging auto insurance telematics and heavy equipment markets," said CEO Michael Burdiek. "However, this momentum is expected to be partially offset by the full year outlook for our Satellite business, which is now anticipated to be below earlier projections." Of course, with CalAmp shares now off about 45% from their 52-week highs and trading a forward P/E in the low-teens, much of that weakness might already be baked into the valuation.