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 Ingram Micro, (NYSE:IM) plunged more than 11% Thursday after the wholesale tech distributor and supply chain services specialist turned in weaker-than-expected first-quarter results.

So what: Quarterly sales rose just more than 1%, to $10.38 billion, which translated to adjusted earnings of $0.43 per diluted share. Analysts, on average, were looking for adjusted earnings of $0.48 per share on sales of $10.42 billion. Gross margin also expanded from 5.70% to 5.88%.

For the current quarter, Ingram Micro expects worldwide revenue to increase year over year in the low- to mid-single digits, with gross margin improving during the second quarter of 2013 by mid-single-digit basis points. 

Now what: There were no big surprises here, as Ingram Micro's gross margin continued to expand over last year, while revenue growth remained in line with the company's own expectations. Both figures did fall just short of Wall Street's demands, and Ingram Micro's top- and bottom-line growth might not win any speed records. But with shares already trading around nine times next year's expected earnings -- and even if those expectations drift downward slightly -- I think today's pullback might be a bit of an overreaction.

Steve Symington has no position in any stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.