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 microcap chip designer Integrated Silicon Solution (Nasdaq: ISSI) fell as far as 20.5% below last night's closing price in intraday trading.

So what: Last night's fourth-quarter report disappointed analysts and investors both in terms of reported results and forward guidance. Incoming orders for the company's admittedly low-end memory products started slowing down in the middle of the quarter, and the swoon below "seasonal norms" has continued into the first quarter of fiscal 2011.

Now what: On the upside, management expects the slow business to be temporary, with a return to normal seasonality by the middle of 2011. This echoes sentiments heard from several other chip designers over the past couple of weeks and seems like a reasonable assumption. In the meantime, don't cry too much for Integrated Silicon's shareholders: The stock has gained 130% over the past year even after today's hit.

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Fool contributor Anders Bylund holds no position in any of the companies discussed here. 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 is investors writing for investors.