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 genomic science expert Sequenom (Nasdaq: SQNM) fell as far as 11.7% this morning on very heavy volume.

So what: Last night's second-quarter report was somewhat disappointing, missing the Street's earnings targets by 23% despite cutting losses dramatically year over year. Management said that the quarter met internal goals of "continued revenue growth and effective cost controls," but that wasn't good enough for grumpy investors.

Now what: One shudders to think what might have happened to Sequenom if analysts were critical of the results! Two firms reiterated their existing stances of one buy and one hold. By contrast, sector rival Pacific Biosciences of California (Nasdaq: PACB) blew out expectations but received a downgrade for its efforts, and those shares are down by 31% at the moment. I look at these incongruous market reactions and think "buying opportunity," though I'd be very careful about backing up the truck when Mr. Market so clearly needs to start taking his meds.

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