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?

Interested in more info on RF Micro Devices? Add it to your watchlist by clicking here.

Fool contributor Anders Bylund holds no position in any of the companies discussed here. 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 is investors writing for investors.