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: STEC (Nasdaq: STEC) shares fell off a cliff last week when the company's first-quarter earnings and Q2 guidance disappointed investors. Since then, they've kept falling ... until today, when they found a trampoline at the bottom of the cliff.

So what: What's set STEC to bouncing 14% today? Two words: insider buying. Multiple sources are now reporting that the company's CEO and COO have been bottom-fishing for cheap shares after the drop.

Now what: Don't you follow their lead, though, Fool. I know, I know. At 18 times earnings, STEC shares look tempting. But consider: That 18 P/E doesn't look at all attractive relative to consensus expectations for 15% long-term growth at STEC. Plus, in case you haven't noticed, STEC's not even as profitable as its "P" suggests. Fact is, free cash flow at the company is less than half what STEC claims as its GAAP earnings, giving the stock a sky-high P/FCF ratio of 37 times. My advice: Take any STEC shares you've still got, walk over to the cliff's edge, and drop 'em right back over.

There are better bargains out there.

Will STEC bulls prove Rich wrong? Add it to your watchlist and find out.

Fool contributor Rich Smith has no interest in STEC, short or long. And yes, the double entendre is intentional. The Motley Fool has a disclosure policy.

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