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.

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