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 Intersil (NASDAQ:ISIL) have been shedding gains all day after opening with an 11% jump this morning. Investors got excited about a passable earnings report, but have cooled to the stock after realizing that the upcoming quarter might be weaker than expected.

So what: Intersil's fourth-quarter revenue of $137.5 million fell 17% below the year-ago result, and also slipped slightly below the $138.2 million consensus. Adjusted earnings per share of $0.06 matched the Street's expectations. However, for the upcoming quarter, both revenue and EPS look to be weak. Intersil expects $131 million to $138 million on the top line and $0.02 to $0.05 in EPS, against analyst expectations of $138.6 million and $0.06 per share. The company continues to seek out a new CEO, and offered very tepid analysis of both its past and future quarters.

Now what: Intersil was upgraded to hold status by JPMorgan after the report, which placed a $7 price target on the stock -- a 20% downside. With several sequential declines in the rearview mirror and another looming ahead, the initial reaction seems senseless, and the subsequent sell-off more sensible. There seems little reason to hop aboard this slowly derailing train at the moment.

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Fool contributor Alex Planes holds no financial position in any company mentioned here. Add him on Google+ or follow him on Twitter @TMFBiggles for more news and insights.

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