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: After plunging late in yesterday’s trading, shares of Powerwave Technologies (Nasdaq: PWAV) popped quickly early this morning, only to plunge once more in intraday trading back to the level at closing yesterday.

So what: Confused yet? That’s what I thought, so here’s what happened: Yesterday at 2:30 p.m., the company announced it was lowering guidance for the fiscal second quarter to $168 million-$172 million, from a previous guidance of $170 million-$180 million. Shares plunged 16% in the last half-hour of trading, and when trading opened this morning some traders bid shares up to levels seen early Tuesday. The party didn’t last long -- within 30 minutes of opening this morning, shares were back near where they closed last night, and they’ve continued to sink all day.

Now what: The wild ride over the past two days of trading is really a massive plunge for shares since the lowered guidance was announced. One of the reasons the market is so disappointed is that Powerwave was extremely confident in early May when it first announced guidance for the second quarter. That confidence has waned, and for now I am staying away from this plummeting stock.

Interested in more info on Powerwave Technologies? Add it to your watchlist.