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.

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