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 energy-management chip maker ON Semiconductor (Nasdaq: ONNN) powered to gains as high as 12.6% in early trading today, all on many times the average trading volume.

So what: First-quarter sales beat analyst targets by 5% while earnings posted a 35% positive surprise. Second-quarter guidance also points significantly above analyst expectations and is based on solid information such as rising order backlogs and booking trends, rather than on pure guesstimation.

Now what: The Sanyo Semiconductor acquisition is already paying dividends, adding about $0.06 of non-GAAP earnings per share in the first quarter. Previous owner Panasonic (NYSE: PC) wanted Sanyo only for its rechargeable-battery know-how and was happy to hand the chip division off to ON. Fairchild Semiconductor (NYSE: FCS) and Maxim Integrated Products (Nasdaq: MXIM) had better look out, because it looks as though ON knows how to swing its shiny new weapon.

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

Fool contributor Anders Bylund holds no position in any of the companies discussed here. We Fools don't 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.