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: NVIDIA (Nasdaq: NVDA) dropped 10% in intraday trading today after concerns about gross margin and the outlook for the company's core business overshadowed a massive earnings beat.

So what: Non-GAAP EPS of $0.27 grew 17% year over year and slaughtered the consensus estimate of $0.19 on better than expected revenue. The company's core graphics processor business grew revenue less than 4% despite market share gains in notebooks and a cross licensing payment from Intel (Nasdaq: INTC).

Now what: Sales of the company's Tegra processor for mobile devices were robust, but one analyst downgraded the stock to hold from buy, citing concerns about competition from Texas Instruments (NYSE: TXN) and the slow growth in graphics processors. Management expects gross margin of 51% in the current quarter, which disappointed some analysts. The stock has run up this year on the Tegra opportunity and will likely continue to be susceptible to Tegra news.

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