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What: Shares of Integrated Device Technology (Nasdaq: IDTI) have plunged today by as much as 12% after the semiconductor specialist reported third-quarter results yesterday.

So what: Revenue came in right on target with expectations of $120 million, while the earnings per share of $0.06 topped the $0.04 estimate by a couple pennies. CEO Ted Tewksbury chalked up the healthy bottom line to “tightly managing operating expenses.”

Now what: Despite weakness within consumer and communications offerings, IDT saw healthy booking trends for its server-related products. What may be weighing on investors today is that on a GAAP basis, the company actually swung to a net loss of $0.01 from continuing operations. Red ink aside, Canaccord Genuity has come out and reiterated its buy rating and $8 price target on the shares, citing server memory interface and wireless infrastructure in the coming quarters.

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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.