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 laser technologist Rofin-Sinar Technologies (Nasdaq: RSTI) are looking dim today, falling as much as 14.1% on heavy volume before recovering to a drop about half that drastic.

So what: Despite 42% higher year-over-year second-quarter sales and more than double the earnings, the company didn't live up to even higher targets set by Wall Street analysts. It didn't help that management guided third-quarter revenue higher than expected as investors chose to focus on the here-and-now weakness.

Now what: I find it hard to slap a "disappointment" label on tremendous business gains like these, but then the stock had gained 52% in the six months before this report. This drop amounts to nothing but a slight correction, even when taken together with a similar miss from fiber-laser specialist IPG Photonics (Nasdaq: IPGP). If nothing else, these stumbles lend credence to Newport (Nasdaq: NEWP) CEO Bob Philippy when he gives credit for recent strength to his own crisp execution.

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