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 silicon wafer testing expert Nanometrics (Nasdaq: NANO) fell as much as 11% in early trading after a third-quarter report hardly befitting a bottle rocket stock.

So what: Nanometrics fell just short of analyst expectations on both the top and the bottom lines, though the company did show strong growth and stable margins. Management doesn't indulge in issuing guidance figures, but sometimes you just can't please opinionated analysts.

Now what: The company draws sales from multiple end markets, including the manufacture of solar panels, LED lights, and semiconductor chips. At least two of those markets have solid long-term futures, and the chip sector isn't too shabby either. I'm inclined to agree with Nanometrics CEO Tim Stultz when he says the business model will "enable Nanometrics to deliver financial performance consistent with being an industry leader" in the long term.

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

Fool contributor Anders Bylund doesn't hold a 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.