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 analog-chip-maker Micrel (Nasdaq: MCRL) fell as much as 11% earlier in the trading session following the company's updated first-quarter guidance.

So what: Today looks like the beginning of a possible trend in technology of lowered revenue and profit forecasts directly tied to the aftereffects of the earthquake in Japan. Micrel warned that it anticipates revenue to fall 10% to 11% for the first-quarter, considerably higher than its previous guidance of a 2% to 6% fall. Earnings are also expected to come in under expectations; $0.13-$0.14 versus prior expectations of $0.17-$0.19. The company cited weakness from a key Korean customer as the cause for the revised guidance.

Now what: Micrel derives about one-eighth of its revenue from Korea. Of Micrel's two Korean customers -- LG Electronics and Samsung -- it's Samsung that likely caused this earnings revision. Samsung dropped its own revenue forecast last week on weakened TV sales and supply chain disruptions caused by the earthquake in Japan.

What we need to take from this is the understanding that earnings revisions are going to become the norm this quarter and to simply take them in stride. Adobe Systems (Nasdaq: ADBE) lowered its forecast last month directly related to weakened spending in Japan, and it's highly likely that more technology companies will be out in the next few weeks restating expectations. Japan is going to recover, but it will take time, so use these earnings overreactions as a chance to get into technology companies that you've had on your watchlist.

Interested in more info on Micrel? Add it to your watchlist by clicking here.

Fool contributor Sean Williams does not own shares in any companies mentioned in this article. You can follow him on CAPS under the screen name TMFUltraLong. Adobe Systems is a Motley Fool Stock Advisor recommendation. Motley Fool Options has recommended a diagonal call position on Adobe Systems.

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