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 equipment maker Novellus Systems (Nasdaq: NVLS) rose 12% today after customer Intel said it would increase capital spending.

So what: Semiconductor equipment manufacturers are up across the board today after Intel said it would spend $9 billion on capital equipment this year. Novellus took that news and ran, leading the semiconductor index higher.

Now what: Intel isn't trading higher today, but it is driving a number of stocks higher as a result of the big bump in spending. With a forward price/earnings ratio below 12, even after today's move, Novellus looks like a great value considering the potential upside. I'm buying this move and think this is a catalyst to help the stock move higher in 2011.

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

Fool contributor Travis Hoium does not have a position in any company mentioned. You can follow Travis on Twitter at @FlushDrawFool, check out his personal stock holdings or follow his CAPS picks at TMFFlushDraw.

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