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 communications-chip designer RF Micro Devices (Nasdaq: RFMD) took as much as an 11% haircut in early trading before growing a little of it back.

So what: Last night's third-quarter report delivered on the bottom line but missed Wall Street's revenue targets, and it compounded the issue by setting expectations for next quarter below the average analyst view. It's not even an issue of disappointing growth -- sales are actually falling from quarter to the next amid weakening gross margins.

Now what: RFMD is getting out of a mountain of legacy products and a heavy reliance on largest customer Nokia (NYSE: NOK) to reposition itself in the higher-margin space of power amplifiers and Wi-Fi components. The gains in the new core markets just aren't making up for lost sales in the company's deprecated segments yet. And RFMD already gets a lot of credit for its repositioning progress -- don't forget that the stock is up more than 60% year-over-year.

Interested in more info on RF Micro Devices? Add it to your watchlist.

Fool contributor Anders Bylund holds no position in any of the companies discussed here. 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 investors writing for investors.