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 Volterra Semiconductor (Nasdaq: VLTR) plunged today by as much as 16% after the company reported earnings.

So what: Sales in the second quarter came in at $43.6 million, with net income of $6 million, or $0.22 per share. On an adjusted basis, the bottom line was $8.5 million, or $0.32 per share. That didn't quite live up to investor hopes of $0.35 per share in adjusted profit.

Now what: CEO Jeff Staszak acknowledged a "challenging economic environment," but also said the company is gaining market share in new servers and notebooks. Volterra also expanded its previously authorized share repurchase program by an additional $15 million. Analysts are mostly bullish on the company's prospects in Microsoft's Windows 8, which will be launched this fall. They expect Volterra to get some boosts related to the next-generation operating system.

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