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: Shareholders in TTM Technologies (Nasdaq: TTMI) awoke this morning to find their stock worth 10% less than it was when they went to bed. Judging from the lack of stories on Yahoo! Finance, it seems the mainstream media isn't much interested in the news … but here at the Fool, we thought you might want to know what happened.

So what: So here's the deal. TTM reported a 16% rise in pro forma sales versus last year's Q1. Net profits per diluted share were more than three times what TTM earned last year. Sequentially, however, both revenues and profits were down in comparison with Q4 2010. Management attributed the sequential declines to "normal seasonality" in the printed-circuit-board industry.

Now what: Doesn't sound so bad, does it? So here's the reason investors aren't happy: The $343 million in revenues TTM reported were two whole percent lower than what Wall Street expected to see (gasp!). More confusingly, the company reported net profits of $0.33 per share and pro forma profits of $0.40. Depending on how you look at it, these numbers mean TTM either badly missed, or barely beat, consensus expectations of $0.39.

Investors seem in no mood to give TTM the benefit of the doubt, though perhaps they shouldn't be so quick to pass judgment. With net income for the past 12 months now amounting to $94 million, the stock sells for a bare 14 times earnings. Yet analysts think TTM will be able to grow those earnings at 20% per year over the next half-decade. Sounds pretty good to me. Sounds … like investors may be overreacting.

Want to learn more about TTM Technologies? Add it to your watchlist.