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 Amkor Technology (Nasdaq: AMKR) fell as much as 13% today after the company released disappointing earnings and outlook.

So what: Fourth-quarter earnings per share of $0.20 fell short of the $0.26 analysts were looking for, and first quarter outlook wasn't any better. Analysts were expecting $0.22 per share, but the company only sees earnings of $0.05 to $0.14 per share for the quarter.

Now what: Inventory adjustments were blamed for the weak outlook as customers rationalize their inventory stockpiles. The company sees demand picking up later in the year, but the first quarter is what investors are worried about today. The news isn't positive, but the company's 7.4 forward P/E ratio gives it a solid value for investors who are patient enough to wait for a rebound. I am tentatively bullish on today's dip and think the stock will recover as investors look beyond today's outlook.

Interested in more info on Amkor Technology? 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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