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's happening?
Shares of Sodastream (NASDAQ:SODA) were trading roughly 7% lower around 1 p.m. today after initially plunging to a loss of 11% after the opening bell. Investors were not happy about SodaStream's fourth-quarter results, which managed to pull a solid bottom line (after adjustments) out of underwhelming sales.

Why it's happening
Sodastream's fourth quarter saw the in-home carbonated-beverage maker produce adjusted earnings of $0.35 per share on $126.5 million in revenue. Analysts had expected the company to report $127.1 million in revenue and $0.18 in adjusted EPS, so the report does appear to be positive at first glance. However, while Sodastream's bottom line beat the year-ago quarter's $0.03 result, its revenue fell well below last year's $168.1 million result. Full-year results were also well below 2013's numbers on both top and bottom lines, as Sodastream reported $511.8 million in revenue for 2014 against $562.7 million in 2013 revenue, and $1.31 in full-year adjusted EPS against 2013's result of $1.96.

Sodastream saw growth only in the Asia-Pacific region during the fourth quarter. The minimal 11% sales uptick in this region could not offset a devastating 49% drop in sales to the Americas, which was Sodastream's top-grossing geography a year ago but is now a distant second behind Western Europe. The company reported declining revenue for all three of its major product categories for the quarter, with its starter kit machines resulting in 32% less revenue in 2014 than they had a year earlier. A 17% rise in CO2 refill cartridge unit sales also failed to offset a 38% plunge in flavor pack sales.

Investors may also be unhappy with the fact that Sodastream's fourth-quarter adjusted profit was only achieved by backing out large restructuring charges -- under the International Financial Reporting Standards, Sodastream reported a net loss of $0.39 per share.