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.

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

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.