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 MercadoLibre (Nasdaq: MELI) fell as much as 13.6% after reporting second-quarter results that came up short of Wall Street's expectations.

So what: Analysts were expecting MercadoLibre, Latin America's version of eBay, to report $0.38 per share of earnings on $69 million in revenue. Instead, the company booked $0.34 of profit on $69.4 million of revenue. MercadoLibre had beaten estimates in each of the past four quarters.

Now what: According to Investor's Business Daily, the stock was off 3% in last night's after-hours trading. The implication? Today's sell-off, while painful, probably has a lot more to do with a broad market meltdown than the auctioneer's results. Consider buying if you still believe in the long-term growth story. Do you agree? Disagree? Weigh in using the comments box below.

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