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 Microsemi (Nasdaq: MSCC) plunged this morning by 12%, only to recover to a roughly 3% loss as of this writing, after the company reported earnings last night.

So what: It's not clear what all the fuss was about, since the results came in on par with expectations. Revenue was $240.9 million and earnings per share was $0.39. Microsemi sees a profit of between $0.43 and $0.48 next quarter, also in line with the $0.46 that the Street is expecting.

Now what: The list of companies affected by the Thailand floods last year is pretty long and includes Microsemi. The company lost about $3.5 million related to the disaster and related facility closures, but that loss isn't included in its non-GAAP figures, among other things. Needham & Company has also reiterated its strong buy rating and $26 price target, saying it believes that Microsemi's core business remains poised to recover from the floods.

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Fool contributor Evan Niu holds no position in any company mentioned. Click here to see his holdings and a short bio. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.