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.