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 Universal Display (Nasdaq: PANL) -- which develops organic light-emitting diode, or OLED, technologies -- plummeted 18% on Tuesday after posting a wider-than-expected quarterly loss.

So what: Hurt largely by a 45% spike in operating costs, Universal Display posted an adjusted first-quarter loss of $0.31 per share, versus the average analyst estimate of only a $0.03 per-share loss. The shares had been on a huge tear over the past year as strong top-line growth fueled ever-increasing earnings expectations, so it's no surprise that Mr. Market is punishing Universal Display particularly hard for today's miss.

Now what: I'd look into this plunge as a possible opportunity to pounce. While the quarter certainly left much to be desired, the stock remains an exciting long-term play on the high-growth, fundamentally improving OLED industry. More importantly, with positive cash flows, a debtless balance sheet, and still-rapidly growing revenues, Universal Display seems like a relatively safe way to do it.

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