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 Newport Corp. (Nasdaq: NEWP) fell 10% today after the company released earnings.

So what: Earnings looked good with revenue up 30.8% to $132.9 million and net income of $15.2 million, or $0.40 per share, beating estimates of $0.35 per share. Outlook seems to be what investors are fretting about today, as the company only expects 15% revenue growth and earnings per share to double next quarter.

Now what: The market is sure down on Newport for reporting an earnings beat and positive outlook. With the kind of earnings growth Newport has demonstrated and is predicting for the future, I’ll take a trailing earnings multiple of 15.6 any day. I am buying this move and think the market moved Newport in the wrong direction today.

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

Fool contributor Travis Hoium does not have a position in any company mentioned. You can follow Travis on Twitter at @FlushDrawFool, check out his personal stock holdings or follow his CAPS picks at TMFFlushDraw.

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