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: Anadigics (Nasdaq: ANAD) popped up today on no news other than an analyst upgrade. This semiconductor company makes little-bitty components for the broadband and communications markets.

So what: Smaller stocks (Anadigics has a $380 million market cap) can be whipped around by the slightest of breezes, and an upgrade is certainly enough to move them 10% or more. Related companies RF Micro Devices (Nasdaq: RFMD), Skyworks Solutions (Nasdaq: SWKS), and TriQuint Semiconductor (Nasdaq: TQNT) also seemed to have been lifted a bit on the news, up anywhere from 2% to 4%.

Now what: According to, Needham & Co. upgraded Anadigics from hold to buy because of "current business momentum, the potential for incremental design wins, and significant operating leverage." Congrats if you hold the stock, but the upgrade alone is not a reason to buy without further due diligence on your part. Its size alone means it carries above-average risk, so be sure to do your homework.

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

Fool analyst Rex Moore owns no companies mentioned here. 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.