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 Dutch chip maker NXP Semiconductors (Nasdaq: NXPI) plummeted as low as 21% on Tuesday after its quarterly results and outlook missed Wall Street estimates.  

So what: NXP's third-quarter results didn't miss by much (EPS of $0.50 versus the consensus of $0.51), so it's safe to assume that today's overall market nastiness is fueling a good chunk of the stock's big sell-off. Unfortunately for bargain hunters, however, Mr. Market seems to be steadily coming to his senses, with the shares now down only about 8% at the time of this writing.

Now what: "We do not anticipate a reacceleration of orders to occur in the short-term until our customers have more confidence in the stability of end-market demand," CEO Richard Clemmer warned. "As such, we anticipate order patterns over the next few quarters will continue to be volatile." In fact, NXP now sees fourth-quarter EPS of just $0.20-$0.30, while analysts were expecting $0.52. Of course, with the stock now trading at an even bigger discount to much larger rivals like Texas Instruments (NYSE: TXN) and Analog Devices (NYSE: ADI), NXP seems like a long-term opportunity worth checking out.

Interested in more info on NXP? 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.