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 Aeroflex (NYSE: ARX) fell more than 10% in early trading after Morgan Stanley downgraded the stock from "equal weight" to "underweight."

So what: Competitors fell, too, including Microsemi Corp. (Nasdaq: MSCC), which is off close to 5% as of this writing. The sell-off comes roughly two weeks after networking equipment provider Ixia (Nasdaq: XXIA) led a 9% rally in Aeroflex shares.

Now what: The stock has mostly continued in an uptrend since. And while Morgan may see the stock moving too far, too fast, a review of earnings estimates show Aeroflex priced about even with Wall Street's long-term projections for profit growth. Is that really too pricey? I'm asking you. Please weigh in using the comments box below.

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