What: In what's become a recurring theme for high-flying tech stocks in recent weeks, shares of Universal Display Corporation (OLED -1.29%) plunged as much as 11% Monday, then partially recovered to close down 8.2% despite no company-specific news.

So what: Universal Display investors endured a similar no-news drop three weeks ago as the broader market pulled back. And keeping in mind that Universal Display is still up 24% during the past year, the S&P 500 and Nasdaq Composite Indexes this afternoon fell as much as 2.8% and 3.4%, respectively, before partially recovering into the close.

Now what: As it stands, Universal Display is slated to release fourth-quarter 2015 results on February 25, 2016, so you can bet investors will be hoping a solid quarter and upbeat guidance for 2016 might rekindle interest in the company's compelling long-term story. As Universal Display's flagship technology finds its way into more and more devices from OLED smartphones to televisions, tablets, laptops, and even lighting applications over the longer term, the company and its shareholders stand to reap the rewards through both selling OLED materials to electronics manufacturers, and licensing of its OLED-centric patent portfolio.

In the meantime, while it's not fun to watch Universal Display stock fall at the mercy of broader market volatility, investors would be wise to focus first on Universal Display's actual business.