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 Hewlett-Packard (NYSE: HPQ ) got crushed today, down by as much as 13%, after the company provided disappointing fiscal 2013 outlook.

So what: The iconic PC giant expects next fiscal year to see non-GAAP earnings per share in the range of $3.40 to $3.60. That's well below the $4.18-per-share profit that analysts were expecting HP to post. On a GAAP basis, the bottom line will likely be between $2.10 and $2.30 per share after excluding about $1.30 per share in amortization of intangibles and other restructuring charges.

Now what: CEO Meg Whitman said HP's revolving-door CEO policy has had a negative effect on the company. She's inherited her fair share of impairments spawned from decisions made by her predecessors, and there's still probably still one more shoe waiting to drop. Whitman expects the company to keep pace with the overall economy by 2016. This turnaround is going to take a lot longer than investors had previously expected.

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