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: High-voltage power control specialist Power Integrations (Nasdaq: POWI) saw its shares leap 14.9% this morning on heavy trading volume.

So what: Last night's fourth-quarter report exceeded analyst expectations on both the top and bottom lines, and management's revenue guidance for the coming quarter also put Wall Street estimates to shame. Power controllers for LED lighting contributed strongly to this quarter's gains and will do so again in coming quarters.

Now what: The patent portfolio of Power Integrations was recently bolstered by a court decision to double damages against Fairchild Semiconductor (NYSE: FCS) for infringing on the company's power-chip technology patents. Management expects to wield that legal outcome as a weapon to extract license payments from competitors. Power controllers suddenly make for a high-interest industry as International Rectifier (NYSE: IRF) is becoming a high-growth business and Cirrus Logic (Nasdaq: CRUS) is actively pursuing the space.

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

Fool contributor Anders Bylund holds no position in any of the companies discussed here. The Fool owns shares of Cirrus Logic. 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.