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 semiconductor developer Anadigics (Nasdaq: ANAD) slipped as much as 15% in intraday trading on heavier-than-average volume.

So what: The unexpected departure of company executives -- in this case the CEO and a senior vice president -- is bound to shake up a stock. Worse still is the fact that the company didn't provide any reason for the abrupt departures. Likely in an effort to soften the blow, the company's press release noted that first-quarter revenue is still on track to hit the previous guidance range of $42 million to $44 million.

Now what: It's tough to know what to make of this, so it's understandable that some investors have decided to cut and run. Although 2010 was a big improvement on 2009 for the company, it only managed to eke out a net profit thanks to one-time, non-operating gains. In a note today, a Needham analyst maintained a buy rating on Anadigics, but cut 2011 estimates drastically, including dropping the bottom line from a $0.15 profit to a $0.06 loss. With results like that, perhaps a change at the top may not be a terrible thing.

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Fool contributor Matt Koppenheffer does not have a financial interest in any of the companies mentioned. You can check out what Matt is keeping an eye on by visiting his CAPS portfolio, or you can follow Matt on Twitter @KoppTheFool or on his RSS feed. The Fool's disclosure policy prefers dividends over a sharp stick in the eye.