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 clothing manufacturer and marketer Hanesbrands (NYSE:HBI) fell as much as 13.6% in early Friday trading. In a second-quarter report published on Thursday night Hanes posted soft sales and disappointing full-year guidance.

So what: Analysts were expecting second-quarter earnings or $0.50 per share on roughly $1.56 billion in sales. The company's adjusted earnings landed exactly in line with Wall Street targets, but revenues fell short at $1.52 billion.

Looking ahead, management now expects sales totaling less than $5.9 billion in 2015, down roughly $50 million from the guidance provided three months ago. On the bottom line, earnings guidance held steady with a midpoint value of roughly $1.64 per share. Both of these projections sit slightly below the current analyst view.

Hanes logo

Image source: Hanesbrands.

Now what: Hanes ran into heavy currency-exchange headwinds. As reported, sales rose 13% year-over-year. Adjusted for currency effects, sales increased 15%. That's more than enough to explain this quarter's revenue miss. Management also explained that currency trends were key drivers behind the lower full-year guidance.

On the other hand, profit margins are on the rise thanks to a well-oiled supply chain and the successful integration of several tuck-in acquisitions. On the whole, Hanes actually raised its full-year operating profit guidance by a modest 0.2%.

Including today's drastic plunge, Hanes shares are still trading 21% higher year-over-year and 9% higher in 2015. In both cases, you're looking at a solid market-beater. Frankly, the price drop looks like a misguided overreaction or possibly some hasty profit-taking. This business is still going places.