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: Micron Technology (Nasdaq: MU) dropped 14% in intraday trading today after a disappointing earnings report.

So what: Non-GAAP EPS of $0.10 was well short of the consensus estimate of $0.16. Revenue fell 7% year over year, hurt by soft average selling prices and weak consumer PC demand. Management indicated that the tragedy in Japan affected customers and contributed to the decline in revenue but did not cause supply interruptions.

Now what: Management said demand for tablets and for corporate PCs, networking equipment, and servers remains solid. Despite the revenue decline, lower manufacturing costs boosted gross margin -- a positive for Micron's earnings. On a less positive note, Micron didn't bring up challenges at key customer Nokia (NYSE: NOK), although that is likely affecting Micron. Demand and pricing pressures are likely to continue weighing down earnings in the near term.

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Fool contributor Cindy Johnson does not own shares of any company named above. 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 has a disclosure policy.