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 processor technology developer MIPS Technologies (Nasdaq: MIPS) have jumped 13.7% from last night's closing price on above-average trading volume, and the climb may yet continue.

So what: MIPS got a very positive mention in Jim Cramer's Mad Money show last night, likening the stock to an "Internet tsunami." That's enough to ignite a firestorm of interest in this lightly traded stock on an otherwise news-less Thursday.

Now what: The Cramer Effect may not be a great reason to buy a stock, and his reasoning might be off -- MIPS is stronger in new media technologies than in Internet communications, for example. Still, we're talking about a solid business that may soon challenge reigning king ARM Holdings (Nasdaq: ARMH) in the smartphone space while also riding interest in computer-like consumer electronics. MIPS' share price has now quadrupled over the last year, so you had better take a close look at valuation and fundamentals before jumping in with both feet, but Cramer's general sentiment about the stock seems correct.

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