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.

Interested in more information about Aeroflex? Add it to your watchlist by clicking here.

Fool contributor Tim Beyers is a member of the Motley Fool Rule Breakers stock-picking team. He didn't own shares in any of the companies mentioned in this article at the time of publication. Check out Tim's portfolio holdings and Foolish writings, or connect with him on Google+ or Twitter, where he goes by @milehighfool. You can also get his insights delivered directly to your RSS reader.

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