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 semiconductor designer Cirrus Logic (Nasdaq: CRUS) plunged by as much as 14.8% today after an earnings report that disappointed some investors and analysts.

So what: Cirrus missed analyst targets on both the top and bottom lines in the second quarter and then compounded the problem by guiding to lower sales for the next period. However, $100.6 million in revenue was well within management guidance for this period and above the average analyst target at the time of the first-quarter report.

Now what: Largest customer Apple (Nasdaq: AAPL) represented 45% of sales in the quarter and Cirrus CEO Jason Rhode just told analysts on the earnings call that the business relationship is still "ramping up." In other words, rumors of Apple's going elsewhere for audio chips next year have been put to rest with prejudice. Disappointment is often in the eye of the beholder, and timid guidance like this can pave the way for tremendous buy-in opportunities.

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Fool contributor Anders Bylund holds no position in any of the companies discussed here. Apple is a Motley Fool Stock Advisor pick. The Fool owns shares of Apple. True to its name, The Motley Fool is made up of a motley assortment of writers and analysts, each with a unique perspective; sometimes we agree, sometimes we disagree, but we all believe in the power of learning from each other through our Foolish community. The Motley Fool is investors writing for investors.