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 digital camera-chip maker OmniVision Technologies (Nasdaq: OVTI) look picture-perfect today, climbing as high as 15.7% on above-average trading volume.

So what: When OmniVision jumps like this, it's usually the result of enormous sales reports from top customer Apple (Nasdaq: AAPL) or a rebound after (typically mistaken) reports that Sony (NYSE: SNE) or Panasonic (NYSE: PC) are moving into the company's backside illumination (or BSI) technology. Not so this time -- just an overly stressed market forgetting all about a couple of negative analyst notes from earlier this week.

Now what: Gartner says that smartphone sales jumped 74% year over year in the second quarter, and that report may also have helped OmniVision a little bit. After all, the company has a lock on camera technology that's becoming a must-have in high end handsets these days. After tracking very close to Apple's market returns since 2009, OmniVision currently trails its favorite customer thanks to an aggregate 16% swoon over the past month, and shares can be had for less than 13 times trailing earnings. I say that's a steal in any market.

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