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: Fabrinet (NYSE: FN), which provides manufacturing services for optical networking gear, saw its shares tumble as much as 13% in intraday trading today on general global market malaise.

So what: Other than the Asian inflation and European sovereign debt fears ruling the day, there doesn't seem to be any company-specific news driving Fabrinet's drastic price plunge. Of course, with Fabrinet's fortunes tied so closely to fickle optical network spending, Mr. Market may feel that the company is particularly vulnerable to ongoing economic stress. 

Now what: I'd wait for further pullbacks before hopping on to Fabrinet. Even with today's double-digit plunge, Fabrinet is up about 60% since its IPO in late June, while rivals CIENA (Nasdaq: CIEN) and Benchmark Electronics (NYSE: BHE) are basically flat over the same period. But at the right price, Fabrinet's growth potential -- gained primarily from its recent foray into industrial lasers and sensors  -- seems attractive enough to take a shot on.

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

Fool contributor Brian Pacampara owns no position in any of the companies mentioned. Try any of our Foolish newsletter services free for 30 days.

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