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: Super Micro Computer (Nasdaq: SMCI) dropped 12% in intraday trading today after issuing disappointing guidance for the current quarter.

So what: The company reported non-GAAP EPS of $0.38, inline with the consensus estimate, and GAAP EPS of $0.28. But management expects non-GAAP EPS of $0.28 to $0.30 in the current quarter, compared to the consensus estimate of $0.30.

Now what: EPS grew 38% year over year on revenue growth of 24% year over year. But growth is decelerating and profit margins may be under pressure. In 2010, EPS grew 114% year over year on revenue growth of 49% year over year. Guidance for the current quarter calls for EPS growth of about 32% year over year on revenue growth of about 25%.

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