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 Universal Display (Nasdaq: PANL) -- which develops organic light-emitting diode, or OLED, technologies -- plummeted 18% on Tuesday after posting a wider-than-expected quarterly loss.

So what: Hurt largely by a 45% spike in operating costs, Universal Display posted an adjusted first-quarter loss of $0.31 per share, versus the average analyst estimate of only a $0.03 per-share loss. The shares had been on a huge tear over the past year as strong top-line growth fueled ever-increasing earnings expectations, so it's no surprise that Mr. Market is punishing Universal Display particularly hard for today's miss.

Now what: I'd look into this plunge as a possible opportunity to pounce. While the quarter certainly left much to be desired, the stock remains an exciting long-term play on the high-growth, fundamentally improving OLED industry. More importantly, with positive cash flows, a debtless balance sheet, and still-rapidly growing revenues, Universal Display seems like a relatively safe way to do it.

Interested in more info on Universal Display? Add it to your watchlist.

Fool contributor Brian Pacampara owns no position in any of the companies mentioned. Universal Display is a Motley Fool Rule Breakers selection. Try any of our Foolish newsletter services free for 30 days.

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