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 communications chip designer RF Micro Devices (Nasdaq: RFMD) are climbing to 52-week highs and casting bedroom eyes at three-year tops after a 12% overnight boost with more fuel left in the rockets.

So what: Last night's third-quarter report was a classy beat-and-raise act, far ahead of analyst estimates. RF Micro is expanding its margins, growing sales at a healthy clip, and planning to introduce new products in multiple markets in the coming quarters.

Now what: Count the buzzwords among RF Micro's target markets: smartphones, mobile tablets, smart energy grids, solar cells, LED lights, and wireless infrastructure. It's kind of like adding LED and solar wafers to the potential design wins of a TriQuint Semiconductor (Nasdaq: TQNT) or Skyworks Solutions (Nasdaq: SWKS), only with a lower P/E ratio. What's not to love?

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