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: Electronics miniaturization specialist Tessera Technologies (Nasdaq: TSRA) -- not to be confused with the Texas State Rifle Association -- saw its shares plunging 16.4% this morning with perhaps more losses to come.

So what: Tessera's fourth-quarter report was very strong, but guidance for the next quarter was terrible. Sales are expected to fall thanks to multiple license renewals not happening as expected, and the company is cutting as much as 15% of its workforce in order to lower costs.

Now what: The company already spends a lot of time in court trying to get license payments out of its licensees, and this spate of rebellious customers doesn't help any. Tessera should, by all rights, be having the time of its life as major customers including Intel, Samsung, and Texas Instruments are upgrading or building chip factories all over the world, but it looks like rivals Amkor Technology (Nasdaq: AMKR) and Advanced Semiconductor Engineering (NYSE: ASX) are likely to enjoy that buildout to a greater degree.

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

Fool contributor Anders Bylund holds no position in any of the companies discussed here. Intel is a Motley Fool Inside Value selection. The Fool owns shares of and has bought calls on Intel. The Fool owns shares of Intel and Texas Instruments. Try any of our Foolish newsletter services free for 30 days. 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.