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 multiple Foolish newsletter recommendation FormFactor (Nasdaq: FORM) are cruising to one-day gains of 11% or more after a nice earnings report with some stellar non-earnings news attached.

So what: The maker of equipment for semiconductor manufacturing processes barely edged out analyst expectations with healthy revenues and a smaller net loss than predicted. The real kicker came from the surprise announcement of a $50 million share buyback program.

Now what: Our own Anand Chokkavelu noted yesterday that FormFactor would do well to consider a buyback allotment, only hours before the announcement. It's a turnaround story in the making, and a tremendously strong balance sheet should help the company through a few more quarters of net losses. It also helps that more than half of the bottom-line damage stems from non-cash accounting adjustments during the quarter.

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