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 chip maker Lattice Semiconductor (Nasdaq: LSCC) plunged 10% Friday after its quarterly results and guidance disappointed Wall Street.

So what: Lattice's first-quarter revenue barely managed to meet estimates, but a small miss on the bottom line is triggering some fresh concerns among investors. The company's product mix and slowing sales growth continued to weigh heavily on gross margins, suggesting that management is facing stronger short-term headwinds than expected.

Now what: Looking ahead, Lattice expects a second-quarter revenue range of $71.7 million-$74.6 million, also below Wall Street's view of $77.2 million. "We're confident that our existing products and R&D strategy are lying with our customers and our core market," CEO Darin Billerbeck reassured analysts in a conference call. "We're optimistic about our growth prospects and expect the stronger second half of the year." With several analysts also expecting a second-half decline in costs, today's pullback might just be worth pouncing on.

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