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 image sensor maker OmniVision Technologies (Nasdaq: OVTI) are surging as much as 20% higher today ahead of Apple's (Nasdaq: AAPL) iPhone event.

So what: OmniVision was the sole supplier of the 5-megapixel backside-illuminated camera found in the iPhone 4, and fears that the next iPhone's camera will be dual-sourced with Sony (NYSE: SNE) have driven shares to fresh 52-week lows recently. Apple is expected to bump the camera up to 8 MP, but uncertainty lingers over who will supply the sensors.

Now what: The stock sold off almost 10% yesterday amid a broadly lower day on no news. This stock is absurdly cheap right now; so cheap this Fool just bought some. The balance sheet sports roughly $8.49 per share in cash and short-term investments, and $7.73 per share when netting out long-term debt. Throw in the fact that last quarter's revenue jumped 42.9% year over year and maybe the market is realizing it let fear get the best of it. If I didn't own it already, I'd be buying OmniVision in a heartbeat at the current prices. Plus, I have a hunch it will be the sole supplier of the next iPhone's 8 MP camera since its delayed release just so happens to coincide with OmniVision's second-generation BSI sensors hitting the market.

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