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: Unlike their high-flying, cloudy namesakes, shares of audio chip expert Cirrus Logic (Nasdaq: CRUS) are earthbound today -- falling as much as 11.4% on more than twice the average trading volume.

So what: Fourth-quarter earnings missed analyst targets by $0.02 per share and first-quarter sales guidance also disappointed the Street. It's the second earnings miss in the last three quarters, following a string of 10 straight meet-or-beat reports.

Now what: Cirrus shares are down more then 34% since the February peak, which coincides on an almost-spooky level with focal customer Apple (Nasdaq: AAPL) bouncing off its own all-time highs. Production yield issues hurt the bottom line this time but have been corrected and play no part in coming quarters. I recommended buying on the dip when Cirrus pre-announced these results two weeks ago, and the stock is only 8% more expensive today, so the advice still stands. Short-term issues don't really bother long-term investors.

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Fool contributor Anders Bylund holds no position in any of the companies discussed here. Apple is a Motley Fool Stock Advisor selection. Motley Fool Options has recommended a bull call spread position on Apple. The Fool owns shares of Apple, and Cirrus Logic. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool is investors writing for investors.