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 Netgear (NASDAQ:NTGR) are down 10% today after the company released an underwhelming earnings report.

So what: The networking specialist reported $310.4 million in revenue and $0.55 in earnings per share for the fourth quarter. The top line snuck past analysts, who had sought $317.8 million, but the top line hit estimates on the nose. The company now projects first-quarter revenue in the $290 million to $305 million range, which is below the current $317.6 million consensus, and an adjusted operating margin in the 11% to 12% range, right in line with the completed quarter's 11.4% non-GAAP operating margin.

Now what: Given that the revenue guidance range falls lower than Netgear's completed quarter's results, it seems reasonable for some investors to decide to get out today. Analyst Mark Sue cut his price target on the stock to $34, $1.00 higher than its present level, and S&P also pointed to shorter-term "operating challenges" as reasons to be wary. Networking isn't going away any time soon, but for the near term, it may not be going anywhere else, either.

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