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 maker Silicon Image (Nasdaq: SIMG) jumped 16% today after the company reported that it swung to a profit from a big loss last year.

So what: Adjusted earnings of $0.07 surpassed Wall Street's expectation of a $0.03 profit as the company had success in the mobile market. The best news for investors may be first-quarter revenue outlook of $47 million to $49 million, well past analysts' estimate of $43.6 million.

Now what: As the video and mobile markets develop, Silicon Image is sitting in a nice position to grow. However, the stock's forward price/earnings multiple of 29 isn't quite the value I would like to see in the tech sector today. I'm leaving this move alone and will look for more value from companies such as Intel (Nasdaq: INTC) in the chip business.

Interested in more info on Silicon Image? 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.

Intel is a Motley Fool Inside Value selection. The Fool owns shares of and has bought calls on Intel. Motley Fool Options has recommended buying calls on Intel. 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 has a disclosure policy.