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 Canadian wireless Ethernet equipment maker DragonWave (Nasdaq: DRWI) dove as much as 18% in intraday trading today on heavier-than-average volume.

So what: DragonWave announced fiscal-third-quarter (ending Nov. 30) results last night after the close, and the company didn't exactly wow investors. Revenue of $27 million was in line with what analysts were looking for, but only because the company had already cut its revenue projection from $30 million back in November. Roughly break-even earnings per share were slightly better than the $0.01 loss that was expected, but that was hardly enough to outweigh the company's lackluster forecast for the next quarter, in which DragonWave said it expects to log $15 million in revenue. That's a heady drop from both the $27 million this quarter and the $61 million in the fourth quarter of last year.

Now what: In 2009, Clearwire (Nasdaq: CLWR) -- the wireless broadband company majority-owned by Sprint Nextel (NYSE: S) -- represented 80% of DragonWave's revenue. It's painfully clear that Clearwire's financing issues have had a serious impact on the business it does with DragonWave. Though Clearwire's future still seems a bit dicey, DragonWave investors will have to hope that it gets enough momentum going to ramp up its purchases from DragonWave again -- at least for the near future. Looking at the bigger picture, investors should keep a close eye on how well DragonWave is able to build a customer base outside of Clearwire.

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