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 chip maker Vishay Intertechnology (NYSE: VSH) sank as much as 11% today after its quarterly results disappointed Wall Street.

So what: Vishay's shares have been on fire over the past couple of months, but a fourth-quarter miss -- adjusted EPS of $0.15 versus the consensus of $0.18 -- suggests that far too much optimism had been baked into the price. The company said the quarter was marked by inventory reduction at distribution, which is giving investors a fresh risk to worry about.

Now what: Management now sees first-quarter revenue similar to the fourth quarter, as it expects the inventory reduction to continue. The good news, however, is that CEO Gerald Paul said orders seem "to have bottomed out" and that he expects a "substantial recovery once the inventory correction in the supply chain is complete." Given Vishay's single-digit P/E, betting on that turnaround might be a good idea.

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