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: OmniVision Technologies Inc. (Nasdaq: OVTI) dropped 13% in intraday trading today after a sell-side analyst suggested the company is losing market share and cut his price target on the stock to $24, from $34.

So what: A Baird analyst posted a report saying his field checks indicate OmniVision's image sensors are losing "significant" share in PCs. He went on to speculate that OmniVision may be late to the market with a sensor intended for the iPhone 5.

Now what: A competing analyst at FBR issued a report earlier this week saying the iPhone 5 launch may be delayed until September (versus expectations of July) and that its image sensor is "most likely going to Omnivision exclusively, but with some potential for [Sony] to split that socket." It is hard to say how much credibility these dueling analysts deserve. But a loss of PC share or an iPhone delay (even if OVTI gets all of the iPhone business) suggests a risk of an earnings miss later this year.

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