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 ON Semiconductor (NASDAQ:ONNN) have plunged today by as much as 11% after the company reported earnings.

So what: Second-quarter revenue totaled $688.3 million, which was moderately below the $696 million estimate. Non-GAAP earnings per share of $0.13 was exactly what investors thought was coming. CEO Keith Jackson said that some markets were weak, but the company has confidence in its current design wins.

Now what: Guidance left a little to be desired, though, with third-quarter revenue expected in the range of $700 million to $730 million. Average selling prices are expected to decline sequentially, and gross margin should be 33.8% to 35.8%. The Street had been modeling for over $737 million in revenue.

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Fool contributor Evan Niu, CFA, has no position in any stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. Try any of our Foolish newsletter services free for 30 days. We Fools may not 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.