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 audio-chip maker Cirrus Logic (Nasdaq: CRUS) plummeted 18% on Thursday after its quarterly results and guidance heavily disappointed Wall Street.

So what: While the Apple (Nasdaq: AAPL) iPhone and iPad parts supplier managed to meet profit estimates for the second quarter, its paltry top-line growth, coupled with rapidly rising costs, is forcing investors to drastically lower their expectations. In fact, its operating margin for the quarter declined a whopping 11 percentage points, triggering fresh fears over the company's long-term profitability.

Now what: Expect the shares to remain sluggish in the short term. Citing continued weakness in the economy, management forecasts third-quarter revenue of just $102 million to $108 million, while analysts were expecting $108 million. Of course, with the stock now trading at a P/E of 5 and CEO Jason Rhode reassuring investors that its remains "well positioned to capitalize on some extraordinary growth opportunities," Cirrus might be a long-term opportunity worth checking out.

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