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 chip designer Integrated Device Technology (Nasdaq: IDTI) jumped as much as 13.6% this morning on about four times the average trading volume.

So what: Third-quarter sales only met analyst expectations, earnings beat by a slim penny, and the next-quarter guidance wasn't any kind of blowout, either. But market expectations were comparatively low as the stock has lagged the broader market over the last year and three months, so we're looking at a collective sigh of relief over perfectly acceptable numbers.

Now what: Management kept a muted tone in the conference call. Rather than pointing to bright spots in a mottled tapestry, CEO Ted Tewksbury said the company is simply executing its long-term strategy. That said, the company has a strong pipeline of new products coming down the pike, including touchscreen controllers and a variety of DisplayPort video-relay products.

Interested in more info on Integrated Device Technology? 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.