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 memory chip specialist Micron Technology (Nasdaq: MU) sank 12% today after its quarterly results came in well below Wall Street expectations.

So what: Micron's fourth quarter was such a shock -- the company posted a loss of $0.14 per share versus the consensus estimate of a $0.02 profit -- that investors are naturally starting to worry if the downturn in DRAM chips, used in PCs, is a lot worse than previously thought. In fact, the stock is hitting a new 52-week low on the news and has been slashed by more than half over the past six months alone.

Now what: I'd cautiously look into this pullback as a possible entry point. While the DRAM market continues to experience anemic growth, NAND chips -- used in smart phones and digital music players -- are still serving as a much-needed bright spot for Micron. With the stock now sporting a single-digit P/E, betting on the continued growth of NAND, as well as an eventual long-term DRAM turnaround, seems cheap enough to consider.

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