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 semiconductor company Sigma Designs, Inc. (NASDAQ:SIGM) plummeted 18% today after its quarterly results and guidance disappointed Wall Street.

So what: The stock has slumped in recent months on concerns over slowing growth, and today's Q3 results -- EPS of $0.11 missed by $0.01 on a revenue decline of 15% -- coupled with downbeat guidance only reinforce those worries. In fact, management cited continued inventory tweaks and product cycle transitions for the weak outlook, suggesting that things aren't ramping up anytime soon. 

Now what: Management now sees Q4 revenue of $40 million to $44 million, well below the Wall Street consensus. "We have executed significant restructuring activities and delivered 3 consecutive quarters of profitability all while maintaining a very sizable cash balance and overall healthy balance sheet," founder and CEO Thinh Tran reassured analysts on a conference call. "As a result, we are well-positioned to begin returning value to shareholders while continuing to focus on design wins and further invest in our business and our next-generation products." Given Sigma's still rock-solid financial position and cheapish forward P/E, now might even be an opportune time to buy into that long-term bull talk.