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 Dolby Laboratories (NYSE: DLB) had technical difficulties and fell 18% in trading today.

So what: In the fiscal third quarter, revenue fell 5% to $219 million and earnings per share were flat at $0.55. Results were actually better than the $215.5 million in revenue and $0.54 per share in earnings that analysts expected.

Now what: What can I say? The market is crazy. Dolby announced it is buying back $250 million in shares, it beat estimates, and still the stock is getting crushed. Even at the low end of guidance, shares are trading below a 12 P/E ratio for the year. I think this is a great buying opportunity if you can stomach the next few weeks in a crazy market.

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