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 several of the leading optical networking equipment makers fell sharply after Oclaro (Nasdaq: OCLR) said it experienced a "slowdown" in revenue growth last month.

So What: Oclaro, already off 15% from last week's Infinera (Nasdaq: INFN) meltdown, fell more than 40% after the warning and the weak fiscal first-quarter results it posted. Adjusted earnings of $0.06 per share fell far short of the $0.22 analysts were expecting, according to a report from Indie Research.

Now What: Judging by the size and intensity of the sell-off, investors believe optical networking is doomed. Oclaro and Infinera peers Oplink Communications (Nasdaq: OPLK) and JDS Uniphase (Nasdaq: JDSU) fell 13% and 10%, respectively, in intraday trading while Finisar (Nasdaq: FNSR) suffered a 10% haircut before recovering to down just 6%.

All four fire sales are probably a mistake. Judging from Akamai's (Nasdaq: AKAM) impressive third-quarter results, consumers and businesses are using the web as much as ever, and it's impossible to meet the infrastructure needs of the modern Internet without optical components. Don't be afraid to go bargain-shopping at these levels.

Interested in more info on Oclaro? Add it to your watchlist here by clicking here.

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Fool contributor Tim Beyers is a member of the Motley Fool Rule Breakers stock-picking team. He owned shares of Akamai at the time of publication. Check out Tim's portfolio holdings and Foolish writings, or connect with him on Twitter as @milehighfool. You can also get his insights delivered directly to your RSS reader. 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 is also on Twitter as @TheMotleyFool. Its disclosure policy is at least 10% better than other disclosure policies.