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: TriQuint Semiconductor (Nasdaq: TQNT) dropped 26% in intraday trading today, after reporting in-line earnings but issuing wildly disappointing guidance.

So what: Second-quarter EPS of $0.17 was inline with the consensus estimate but fell 15% year over year. Revenue of $229 million missed the consensus forecast of $236 million.

Now what: Management guided third quarter EPS to $0.16-$0.18 and revenue to $225 million-$235 million. Both are well below consensus expectations of $0.25 and $267 million, respectively. The company blamed the weak guidance on both macroeconomic weakness and its decision to turn its focus from 2G chips to 3G and 4G chips. It expects a refocus on 2G chips to boost growth in the fourth quarter, but the macroeconomy and customer demand are out of its control.

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