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) fell as much as 10% today after the company reported earnings. It ended the trading day down 5.3%

So what: First-quarter revenue was up 7% to $706.5 million and net income increased slightly to $75.2 million, or $0.17 per share. Analysts had expected revenue of $711.7 million and earnings of $0.15 per share; the miss is why shares dropped today. 

Now what: Outlook also wasn't strong, with management seeing revenue of $738 million to $768 million in the second quarter. There are some interesting long-term growth opportunities here, but the pessimism about the next few quarters has to be a concern. I'd like to see momentum improve before jumping in, but if management can pick up the pace later this year there's a lot of growth potential for ON.

Travis Hoium 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.