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 Newport (Nasdaq: NEWP) are getting crushed by as much as 18% after the company reported earnings that fell short of analyst expectations.

So what: First-quarter revenue ended up at $157.2 million, shy of the $160.9 million estimate. Net income came out at $6.6 million, or $0.17 per share, also short of what investors were expecting. The company also recently closed its acquisition of ILX Lightwave.

Now what: The company saw record new orders of $186.1 million, with a backlog scheduled to ship within 12 months of $174.9 million. Newport expects second-quarter demand to be about what it was in the first quarter, with similar financial results. The second half of the year is expected to see sales growth between 7% and 12%. Needham & Company says buy the dip, and thinks shares are headed to $21.

Interested in more info on Newport? Add it to your watchlist by clicking here.

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