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: Chip equipment specialist Lam Research (Nasdaq: LRCX) saw its shares fall as much as 11% in intraday trading on a bearish combo of a disappointing outlook from a close peer and an analyst downgrade.

So what: As my fellow Fool Matt Koppenheffer noted earlier today, Kulicke & Soffa's (Nasdaq: KLIC) top-line forecast for next quarter doesn't exactly bode well for the semicap equipment sector. In fact, deteriorating fundamentals in the space prompted Deutsche Bank analyst Peter Kim to downgrade Lam, along with several of its peers, including Applied Materials (Nasdaq: AMAT), Novellus (Nasdaq: NVLS), and Varian Semiconductor (Nasdaq: VSEA).

Now what: While the short-term outlook for semicap equipment stocks is bleak, I'm heeding Matt's advice on this one and taking the long-term view. In particular, Lam's ultra-efficient operations make it one of the more profitable players in the space. Couple that with a cheapish forward P/E of eight, and Lam looks like an attractive bet to rebound. 

Interested in more info on Lam? Add it to your watchlist here by clicking here.

Fool contributor Brian Pacampara owns no position in any of the companies mentioned. Try any of our Foolish newsletter services free for 30 days.

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