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 analog chip designer Intersil (Nasdaq: ISIL) are doing a fine impression of a dying swan today, falling as much as 13.4% on very heavy volume.

So what: Last night's fourth-quarter report showed respectable results but was spoiled by a gloomy outlook on 2011. Particularly hurtful were slowdowns in the military segment alongside slow sales of the Techwell video surveillance products that Intersil acquired last year.

Now what: Intersil fancies itself as a high-end analog supplier, which naturally translates into fat margins. However, rivals from Linear Technology (Nasdaq: LLTC) and Silicon Laboratories (Nasdaq: SLAB) to National Semiconductor (NYSE: NSM) and Microchip Technology (Nasdaq: MCHP) all sport wider margins than Intersil's, which makes the high-end thing seem more like an ambition than a description of reality. In all fairness, Intersil's margins are improving, but there's much work left to do. Right now, the company is really looking for its own identity.

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

Fool contributor Anders Bylund holds no position in any of the companies discussed here. Linear Technology and Silicon Laboratories are Motley Fool Stock Advisor picks. 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.