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 LKQ (NASDAQ:LKQ) dropped as much as 18% today after the auto parts supplier reported fourth-quarter earnings. Shares settled near a decrease of 13% in midday trading.

So what: Fourth-quarter revenue was up 27% to $1.68 billion, but fell just shy of the $1.69 billion analysts had forecast. On the bottom line, net income was up just 3% to $80.5 million, or $0.26 per share, falling below the projected $0.32 per share.  

However, overall organic revenue growth landed at 7.1%, and parts and services revenue grew 8.7%. To top it off, management said it expects organic revenue growth of 6.5% to 9% this year.  

Now what: These missed earnings expectations are a short-term blip for a company that looks to be performing well. Guidance calls for earnings of $1.36 to $1.46 per share in 2015, up from $1.26 in 2014, and gives investors a decent value with shares trading at 18 times earnings at the bottom end of guidance. That value and strong growth should push shares higher over the long term.