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 LED lighting specialist Cree (Nasdaq: CREE) jumped more than 10% today, effectively bringing a dull autumn to a dramatic close.

So what: All it took was a couple of bullish analyst notes. One firm upgraded Cree from hold to buy (or their equivalents in the firm's lingo) and another maintained his buy rating and target price, but explained that the stock is terrifically cheap today.

Now what: Back out Cree's substantial cash balance and you'll buy the stock for only 14 times forward earnings, according to that second analyst. Demand for LED-lit LCD screens and the Chinese consumer market remain unpredictable, but the long-term story is intact. Fellow next-generation lighting players including Universal Display (Nasdaq: PANL) and Atmel (Nasdaq: ATML) also outperformed a generally sprightly market today, at least partly thanks to a halo effect from Cree's good news.

Interested in more info on Cree? Add it to your watchlist.

Fool contributor Anders Bylund holds no position in any of the companies discussed here. Universal Display is a Motley Fool Rule Breakers pick. Try any of our Foolish newsletter services free for 30 days. 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.