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 analog and mixed-signal semiconductor specialist Semtech (NASDAQ:SMTC) jumped 13% today after its quarterly results and guidance impressed Wall Street.

So what: Semtech shares have slumped in 2012 on persistently weak tech spending, but a wide third-quarter beat -- adjusted EPS of $0.53 versus the consensus of $0.43 -- coupled with upbeat guidance is triggering hopes of prolonged upturn. In fact, the company's revenue surged 30% to a record $160.9 million while gross margins increased, giving investors plenty of confidence in its ability to grow profitably going forward.

Now what: Management now sees fourth-quarter adjusted EPS of $0.41-$0.45 on revenue of $146 million-$152 million, versus Wall Street's view of $0.41 and $147.6 million. "Our relentless focus on identifying growth opportunities and executing well continues to yield positive results for the company," CEO Mohan Maheswaran said in a statement. With the stock now flirting with its 52-week highs and trading at a 35-plus P/E, however, I'd wait for Mr. Market to calm down a bit before buying into that bullishness.

Interested in more info on Semtech? Add it to your watchlist.

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Fool contributor Brian Pacampara has no positions in the stocks mentioned above. The Motley Fool has no positions in the stocks mentioned above. Try any of our Foolish newsletter services free for 30 days. 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 has a disclosure policy.