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: Marvell Technology Group (Nasdaq: MRVL) dropped 11% in intraday trading today after fiscal fourth-quarter EPS and fiscal first-quarter guidance came in below consensus expectations.

So what: Non-GAAP EPS of $0.40, flat versus the year-ago quarter, missed the $0.42 consensus estimate on weaker-than-expected revenue. For the current quarter, management guided to non-GAAP EPS of about $0.30 and revenue of $800 million to $850 million -- below the consensus forecast of $0.36 and $850 million, respectively.

Now what: Marvell suffered from inventory issues, weak PC demand, and an unfavorable mix shift at a mobile device customer. Management believes the inventory challenges are "largely behind" it, PC-related demand will improve in March/April, and over the long term it can adapt to the mix shift at its mobile device customer. With PC demand being pressured by tablets and troubled Research In Motion (Nasdaq: RIMM) an important Marvel mobile device customer, investors may want to stay on the sidelines pending more positive trends.   

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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.