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: Cirrus Logic (Nasdaq: CRUS) dropped 13% in intraday trading today after failing to ride the coattails of Apple's (Nasdaq: AAPL) blowout quarter.

So what: Cirrus Logic, which has entrenched its audio chips in Apple products, was up about 5% yesterday on the heels of Apple's blowout earnings announcement the prior evening. But investors hoping for a similar earnings surprise from Cirrus only saw the company beat analysts' $0.23-per-share estimates by a single penny. Revenue growth matched Wall Street's prediction, growing 13% year over year.

Now what: EPS fell 17% year over year, primarily due to a production issue that was disclosed in April. Management said it expects the production problem to be resolved by the end of this quarter. It's expected to hurt profits again this quarter; management guided to gross margin of only 52% to 54%, compared to 56.4% in the year-earlier quarter.

Interested in more info on Cirrus Logic? Add it to your watchlist by clicking here.

This article represents the opinion of the writer, who may disagree with the “official” recommendation position of a Motley Fool premium advisory service. We’re motley! Questioning an investing thesis -- even one of our own -- helps us all think critically about investing and make decisions that help us become smarter, happier, and richer.