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 semiconductor designer Vishay Intertechnology (NYSE: VSH) are climbing high today, currently resting at 13.3% above last night's closing price with the possibility of further advances.

So what: Yes, it's earnings season; no, Vishay isn't jumping because of a great quarterly report. That happened yesterday to a milder market response, and this boost is because of the announcement of a shareholder-friendly plan to borrow $250 million for the purpose of buying back shares.

Now what: That buyback represents about 10% of the company's current market cap and should boost share prices significantly. Some buybacks are bad at any price. This one seems like a good use of low-interest borrowings and should keep a stock that already doubled over the last year outperforming the competition.

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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.