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: Vishay Intertechnology (NYSE: VSH) dropped 11% in intraday trading today after first-quarter revenue fell short of analyst forecasts.

So what: Revenue increased 9% year over year to $695 million but fell short of the consensus forecast of $702 million. Non-GAAP EPS of $0.49 (excluding a one-time tax expense of $0.06 per share after taxes) more than doubled from the year-ago quarter and was in line with the consensus estimate.

Now what: Management expects second-quarter revenue growth of -1% to +5% at similar margins, suggesting that the benefits of a 2009 restructuring and improving economy are played out. EPS recovered markedly in late 2009 and early 2010, but has improved little during the last three quarters. With EPS appearing roughly stagnant for the foreseeable future and no dividend, investors can find more attractive opportunities elsewhere.

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