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 Sanmina Corp (NASDAQ:SANM) were down 15% as of 11:50 a.m. Tuesday after the company announced weaker-than-expected fiscal-second-quarter 2015 results.

So what: Quarterly revenue rose 3.4% year over year to $1.53 billion, which translated to a 13.6% increase in adjusted earnings per diluted share to $0.50. The latter figure was helped by Sanmina's repurchase of roughly 1 million common shares during the quarter for $21.6 million. Analysts, on average, were looking for earnings of $0.53 per share on revenue of $1.60 billion.

In addition, Sanmina expects current quarter revenue of $1.50 billion to $1.55 billion, and adjusted earnings per diluted share of $0.48 to $0.52. Analysts were again more optimistic in their models, which called for fiscal-third-quarter revenue and earnings of $1.64 billion and $0.56 per share, respectively.

Now what: Keeping in mind Sanmina generated cash flow from operations of $69.7 million, Sanmina CEO Jure Sola elaborated, "I am pleased with our profitability and cash generation in an environment where we had unexpectedly soft revenue. Our third quarter outlook reflects continued headwind in our communications network segment offset by growth in the industrial, medical, and defense segment."

And that's fair enough. Shareholders can take solace knowing Sanmina is still solidly profitable, and trading at a mouthwatering nine times trailing-12-month earnings. At the same time, however, that discount is arguably deserved given Sanmina's current headwinds. At the very least, that's why I'm content keeping Sanmina on my watch list for now. That might mean missing some short-term gains if the business takes a turn for the better. But given the risk of further downside in the meantime, it should still leave room for opportunistic long-term investors to capitalize on the long-term viability of the business.