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 processor architecture designer MIPS Technologies (Nasdaq: MIPS) fell 12.9% in early, heavy trading today.

So what: Last night's second-quarter report was heavy on profits but somewhat light on sales. Investors are watching this company closely for signs that its mobile chip designs are ready to challenge ARM Holdings (Nasdaq: ARMH) in the mainstream smartphone and tablet markets, and that's not exactly what MIPS reported this time.

Now what: This stock is not for the faint of heart. First, shares quadrupled in price from mid-January 2010 to 2011, and now it's down more than 25% from those lofty highs only two weeks later. It's still hard to complain about a 52-week triple or a heart-stopping 10-bagger since the dark days of 2008 -- just don't look down.

Interested in more info on MIPS Technologies? Add it to your watchlist.

Fool contributor Anders Bylund holds no 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.