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.

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

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.