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 specialist Mindspeed Technologies (Nasdaq: MSPD) lost more than a quarter of their value in intraday trading as investors reacted to the company's fiscal fourth quarter earnings report.

So What: You'd never know it based on the stock's action today, but results for Mindspeed's fourth quarter were actually better than expected. Total revenue was $58 million versus an expectation of $53 million and per-share profit was $0.46, well ahead of the $0.31 expectation.

Now What: It was the outlook for the upcoming quarter that slaughtered shares today. Management sees ongoing revenue -- that is, excluding patent sales -- dropping 8% to 10% while gross margins contract. Patent sales are also expected to be significantly lower during the quarter, so on the whole investors will see a pretty hefty profit drop-off. After this report, Mindspeed looks to have its work cut out winning back investors.

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Fool contributor Matt Koppenheffer does not own shares of any of the companies mentioned. You can check out what Matt is keeping an eye on by visiting his CAPS portfolio, or you can follow Matt on Twitter @KoppTheFool or on his RSS feed. The Fool's disclosure policy assures you no Wookiees were harmed in the making of this article.