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) got crushed today, down by as much as 14%, after the company reported second-quarter earnings this morning.

So what: Revenue shrank to $171.1 million, while gross margin also contracted to 50.1%. Earnings per share came in at $0.15, with both top and bottom lines registering better-than-expected results.

Now what: The pessimism sank in after the company disclosed forward-looking guidance that left a lot to be desired. Third-quarter profit is forecast between $0.14 and $0.17 on sales of $167 million to $177 million, with even the top end of those respective ranges falling short of consensus. Full-year profit similarly was uninspiring, with the $0.73 to $0.79 per-share range well below the $1.09 per share that the market was looking for.

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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.