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 Rambus (NASDAQ:RMBS) are trading over 10% lower today after an ugly double miss on the company's first-quarter earnings report.

So what: Rambus showed a 6% gain on the top line with $66.9 million for the first quarter, but this came in below the $67.8 million analysts sought. A $0.09 loss per share was $0.05 worse than the consensus estimate. It didn't help that Rambus executives offered soft guidance for the in-progress second quarter, below both the first quarter's top line and adjusted net income.

Now what: Rambus now expects $53 million to $58 million in revenue for the second quarter, "which does not include several deals that we are currently negotiating," according to CEO Ron Black. Pro forma net income, an adjusted metric that came in at $13.4 million for the first quarter, is projected to be between zero and $6 million in the second quarter. No matter which way you slice it, this is looking to be a weak quarter in terms of official numbers. You might want to speculate on those incomplete deals getting signed, but that's not something that should be in any long-term calculation.

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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 insight into markets, history, and technology.

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