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 the once-invincible Cisco (Nasdaq: CSCO) fell 14% today, after earnings and outlook left investors wondering whether the company's best days were behind it.

So what: Non-GAAP earnings per share of $0.37 beat estimates of $0.35, but falling margins and a weak outlook are weighing heavily on the stock today. Shares reached a new 52-week low, mostly on concerns that the 62.4% margin Cisco achieved last quarter could keep eroding as competitors like Juniper Networks (NYSE: JNPR) pressure its prices.

Now what: With analysts and investors panicking as if Cisco were going under, I'm taking a contrarian look at today's drop. Cisco still has $40.2 billion in cash, cash equivalents, and investments, giving investors some downside protection and plenty of ammunition for growth. And let's not forget that business still commands 15% net margins, which most companies would envy. With everyone jumping off the Cisco train today, I'm going to buy the dip. Long-term, I think we'll regard this as a great value opportunity.

Interested in more info on Cisco? 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.

Juniper Networks is a Motley Fool Big Short short-sale selection. The Fool has created a bull call spread position on Cisco Systems. Motley Fool Alpha has opened a short position on Juniper Networks. Motley Fool Alpha owns shares of Cisco Systems. 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 has a disclosure policy.