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: OmniVision Technologies (Nasdaq: OVTI) dropped 11% in intraday trading today on fears Sony (NYSE: SNE) will replace it as the main provider of camera chips for Apple's (Nasdaq: AAPL) iPhone.

So what: An analyst at FBR Capital published a research report today disclosing that his contacts say OmniVision "may have missed Appleā€™s commercial production deadline" for the next iPhone model. According to FBR Capital, OmniVision planned on providing a chip using new technology, and manufacturing yields at its fab, TSMC (NYSE: TSM), are too low to meet Apple's needs.

Now what: Many viewed the position as the iPhone's primary camera chip provider as OmniVision's to lose, so there was limited room for upside and plenty of room for downside. Indeed, the CEO said in a May 26th investor call that he is counting on surging demand for smartphones with multiple cameras to boost sales. That said, the FBR report says OmniVision "may" have missed a key deadline -- not that it has -- no doubt leading today's buyers to hope the fears are overblown.

Interested in more info on OmniVision? Add it to your watchlist by clicking here.