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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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 prefers dividends over a sharp stick in the eye.