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 processor technologist MIPS Technologies (Nasdaq: MIPS) are up 19% with a bullet on extraordinarily heavy volume.

So what: MIPS reported first-quarter earnings last night, and it was all good news. Importantly, the company is signing up new licensees in the red-hot mobile electronics industry.

Now what: MIPS-based chips are traditionally found in places like set-top boxes and car engines, and not so much in smartphones -- but that may be changing soon. The company is a member of the Android steering committee, and management claims technical advantages over rival products from Intel (Nasdaq: INTC) and ARM Holdings (Nasdaq: ARMH); a few design wins are already in the books, though we have to wait through a design cycle of a year or more before the final smartphones arrive on store shelves. MIPS has now more than tripled in the last year, and the rally may not be over yet.

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

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