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 Rudolph Technologies (NYSE:RTEC) fell as much as 11% after the software-maker missed estimates in its quarterly earnings report.

So what: Earnings per share of $0.17 were $0.02 short of the Street's expectations, while revenue of $54.3 million was off by about 5%. Sales were up 25% from a year ago, but down sequentially as full-year revenue increased by 17%. CEO Paul McLaughlin had nothing but positive remarks, saying, "We closed the year having delivered solid operating results and wins on a number of fronts," though he did acknowledge softness in capital spending in the industry. In December, Rudolph acquired Azores, which allowed it to strengthen its positioning in the advanced packaging market.

Now what: As a small company, Rudolph seems to be getting punished a little more for an earnings miss. Growth is still solid, the company outperformed the overall semiconductor industry, and its valuation is average at a P/E of 16. I'd say today's response was an overreaction.

Want more info on this company? Add Rudolph Technologies to My Watchlist.

Fool contributor Jeremy Bowman and The Motley Fool have no position in any of the stocks mentioned. Try any of our Foolish newsletter services free for 30 days. We Fools don't all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.