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 Oclaro (Nasdaq: OCLR) dropped as much as 10% in intraday trading today. There was no news directly involving this optical components maker.

So what: It's possible the sell-off is related to a disappointing earnings report from Tellabs (Nasdaq: TLAB), which also serves the telecom industry. Tellabs is down about 15% today, and a few other related companies, such as Finisar (Nasdaq: FNSR) and JDS Uniphase (Nasdaq: JDSU), are also trending lower.

Now what: Oclaro is scheduled to report earnings on Thursday morning. Investors are better off waiting for that and listening to the conference call -- rather than playing a guessing game based on other companies' earnings -- before making any buy or sell decisions.

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