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 OLED pioneer Universal Display (Nasdaq: PANL) dipped this morning, falling as much as 10.8% before making a partial recovery.

So what: The drop was a magnified version of the falls taken by Japanese electronics manufacturers Sony (NYSE: SNE), Panasonic (NYSE: PC), and others today. Disruptions in Japanese electronics production lines are likely to hurt Universal Display, and that scenario is very plausible as the damage from last week's earthquake continues to unfold.

Now what: This drop comes on the very eve of Universal Display's fourth-quarter report, and the health of its Japan-based partners will undoubtedly be a hot topic of discussion in this earnings call. The disaster-related downside is for real, though the long-term progress toward universal OLED adoption that eventually leads to profitability is undamaged. Universal Display's share price has more than tripled over the last year, even after this setback.

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