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 Infinera (Nasdaq: INFN) fell as much as 19% in early trading today after reporting fourth-quarter results that met revised guidance but missed consensus revenue estimates.

So what: In October, management said fewer orders from Level 3 Communications (Nasdaq: LVLT) would impact revenue and earnings. Even so, analysts were expecting Infinera to book $117.6 million in sales of optical gear. It took in $117.1 million instead, producing $0.07 in per-share earnings.

Now what: The sell-off has become silly. But to be fair, some of the drop could be due to general market panic over an uprising in Egypt that's forced President Hosni Mubarak to order a military crackdown. The tech-heavy Nasdaq index is down almost 2.45% as I write this.

But that should be a short-term problem. Over the long them, the needs of the Internet and Internet service providers haven't changed. Infinera's optical gear remains essential for modernizing the Internet.

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

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Fool contributor Tim Beyers is a member of the Rule Breakers stock-picking team. He didn't own shares in any of the companies mentioned in this article at the time of publication. Check out Tim's portfolio holdings and Foolish writings, or connect with him on Twitter as @milehighfool. You can also get his insights delivered directly to your RSS reader. 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 owns shares of Infinera and is also on Twitter as @TheMotleyFool. Its disclosure policy is at least 10% better than other disclosure policies.