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 LED lighting specialist Cree (Nasdaq: CREE) sank as low as 10% on Wednesday after the company's quarterly results and guidance disappointed Wall Street.

So what: Cree's third-quarter EPS managed to meet estimates, but a wide top-line whiff -- revenue of $284.8 million versus the consensus of $300.8 million -- is triggering concerns over slowing growth. On the bright side, the company's backlog is much stronger than it was at the same time last year, suggesting that today's disappointing results are just a short-term blip.

Now what: Looking ahead, management sees a fourth-quarter revenue range of $295 million-$315 million, versus Wall Street's forecast of $323.6 million. "Our focus remains on driving adoption through innovation and we believe we are well-positioned to continue leading the transition to LED lighting and drive growth in our business," said Chairman and CEO Chuck Swoboda. Cree's overall fundamentals do appear to be improving despite the lower revenue guidance, so today's pullback might be a decent opportunity for patient growth investors.

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