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 network component maker Emulex (NYSE: ELX) fell 10% at the market open today after the company released earnings.

So what: Revenue increased 10% from last year to $112.1 million, beating estimates of $110.5 million. Earnings per share of $0.10 matched estimates, but investors cared more about the company's outlook this morning. Emulex expects adjusted earnings per share between $0.08 and $0.12, but Wall Street wanted $0.14.

Now what: Higher sales of lower-margin Ethernet products are expected to take a bite out of earnings next quarter. Shares have recovered slightly after a high-volume sell-off early in trading. The cautious outlook may have spooked some investors, but shares are trading at just a 13 forward P/E ratio, and considering Emulex's growth, I see this as a buying opportunity for long-term investors.

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