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 network gear specialist Juniper Networks (Nasdaq: JNPR) are stinking the place up like a batch of bad gin today, sinking as much as 10.9% on more than double the average trading volume.

So what: CEO Kevin Johnson gave a presentation at the Merrill Lynch Technology Conference today, which sparked the torrential sell-off in Juniper shares. Damaging nuggets include an admission of continued order weakness caused by the disasters in Japan as well as a "back-loaded" order profile caused by slow government spending.

Now what: Juniper is supposed to thrive when archrival Cisco Systems (Nasdaq: CSCO) is on its knees and begging for mercy. If neither the largest networking expert nor the runner-up is doing well, perhaps it's a sign that enterprises have acquired a taste for former also-rans such as Hewlett-Packard (NYSE: HPQ) and Alcatel-Lucent (NYSE: ALU) these days. Anyone interested in networking stocks would be well advised to load their watchlists up with more than just the most obvious names:

Fool contributor Anders Bylund holds no position in any of the companies discussed here. The Fool has created a bull call spread position on Cisco Systems. Motley Fool newsletter services have recommended buying shares of Cisco Systems and shorting Juniper Networks. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool is investors writing for investors.