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 flash technology specialist SanDisk (Nasdaq: SNDK) plunged as much as 10% in intraday trading Friday for reasons that escape me, frankly.

So what: SanDisk is profiting from the proliferation of advanced devices that use flash memory technology -- smartphones and tablets, for example. In Q4, the company reported a 43% increase in earnings. Revenue rose 7%. Both results beat the average analyst estimate, Reuters reports.

Now what: What gives? I've no idea. Maybe it's simply an early Valentine's Day gift from Mr. Market. He loves you even if he hates SanDisk.

But he really has no cause to. Following today's sell-off, the stock trades about in line with Wall Street's expectations for earnings growth over the next five years. Any meaningful uptick in the market for flash could result in SanDisk walloping those estimates and producing big returns for today's shareholders.

Interested in more info on SanDisk? Add it to your watchlist.