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 network gear specialist Juniper Networks (Nasdaq: JNPR) are stinking the place up like a batch of bad gin today, sinking as much as 10.9% on more than double the average trading volume.

So what: CEO Kevin Johnson gave a presentation at the Merrill Lynch Technology Conference today, which sparked the torrential sell-off in Juniper shares. Damaging nuggets include an admission of continued order weakness caused by the disasters in Japan as well as a "back-loaded" order profile caused by slow government spending.

Now what: Juniper is supposed to thrive when archrival Cisco Systems (Nasdaq: CSCO) is on its knees and begging for mercy. If neither the largest networking expert nor the runner-up is doing well, perhaps it's a sign that enterprises have acquired a taste for former also-rans such as Hewlett-Packard (NYSE: HPQ) and Alcatel-Lucent (NYSE: ALU) these days. Anyone interested in networking stocks would be well advised to load their watchlists up with more than just the most obvious names: