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 laser technology expert Newport (Nasdaq: NEWP) are shining bright today, rising as much as 11.5% on fairly heavy volume.

So what: First-quarter EPS of $0.53 absolutely crushed the $0.28 consensus, and Newport also beat expectation on the revenue line. Huge sales in the Microelectronics division means that Newport benefits from recent spikes in capital investments by semiconductor manufacturers.

Now what: As long as everyone from Intel (Nasdaq: INTC) to Micron (Nasdaq: MU) and Taiwan Semiconductor Manufacturing (NYSE: TSM) keep pumping cash into their chip-building infrastructures, Newport and its industry peers are living the high life. CEO Bob Phillippy puts a different spin on the situation, highlighting his company's unique qualities rather than industry trends: "We have continued to demonstrate our ability to deliver significant profit leverage on increases in sales."

He can wear that laurel as long as Newport keeps executing at this high level. Just keep in mind that the good times won't roll forever; I hope Mr. Phillippy knows how to roll up his sleeves when the going gets tough, too.

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

Fool contributor Anders Bylund holds no position in any of the companies discussed here. Intel is a Motley Fool Inside Value selection. Intel is a Motley Fool Income Investor choice. The Fool owns shares of and has bought calls on Intel. Motley Fool Options has recommended a diagonal call position on Intel. Yeah, it's a complicated relationship. 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.