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: OmniVision Technologies (Nasdaq: OVTI) popped a stunning 27% in intraday trading today after earnings trounced the consensus estimate and the company issued better-than-expected guidance.

So what: The stock got whacked yesterday after a sell-side analyst suggested the company is losing market share and cut his price target on the stock. The analyst also suggested OmniVision might lose some or all of its iPhone business when the new iPhone 5 is launched later this year.

Now what: Current quarter guidance calls for non-GAAP EPS of $0.57 to $0.70, compared to a consensus estimate of $0.45, and revenue of $240 million to $260 million, compared to a consensus forecast of $219 million. At $30, the stock is trading at a P/E ratio of 12 times and a forward P/E ratio of about 11.9 times. Although risks remain, at this valuation the rewards seem to outweigh the risks.

Interested in more info on OmniVision? Add it to your watchlist by clicking here.

Fool contributor Cindy Johnson does not own shares of any company named above. 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.