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What: Shares of Lattice Semiconductor (Nasdaq: LSCC) tanked today by as much as 18% before recovering to close out the day with a 14% loss after the company slashed its current quarter's guidance.

So what: Second-quarter sales are expected to be roughly flat to down 3% sequentially, compared with its prior guidance of flat to up 4% sequentially. Gross margin is also expected at 51%, give or take a percent, lower than its previous forecast of 55%, again give or take a percent.

Now what: The company said growth in strategic accounts is being offset by continued softness in its global distribution channel, with Europe in particular being problematic. Lattice is leaving its operating-expense forecast unchanged and should be in the ballpark of $39.5 million, including $1 million in acquisition-related charges, which primarily consists of amortization of intangibles. The Street is perched on a consensus estimate of $73.5 million in sales next quarter.

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Fool contributor Evan Niu holds no position in any company mentioned. Check out his holdings and a short bio. The Motley Fool has a disclosure policy. We Fools don't 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.