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 TriQuint Semiconductor (Nasdaq: TQNT) plunged 12% in intraday trading today after the company reported fourth-quarter EPS of $0.25, up 79% year-over-year but short of the $0.28 consensus estimate.

So what: First-quarter EPS guidance of $0.14 to $0.16 also fell short of the consensus estimate of $0.19. On the earnings call, the first questioner described TriQuint as "noticeably absent" among parts suppliers for Apple's new CDMA iPhone for Verizon.

Now what: The company beat consensus EPS estimates in the previous four quarters, so the earnings miss marked a reversal of fortunes. The disappointing earnings, weak guidance, and apparent failure to win CDMA iPhone business could send buyers to the sidelines for fear there are more shoes to drop. The stock may be dead money until there is evidence fortunes have once again turned.

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Fool contributor Cindy Johnson does not own shares of any company named above. 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.