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: Fairchild Semiconductor (NYSE: FCS) popped 10% in intraday trading today after reporting a slightly better than expected quarter.

So what: Second quarter non-GAAP EPS of $0.41 beat the $0.40 consensus estimate by a penny. Revenue of $433 million was a bit above the consensus forecast of $430 million.

Now what: Management's expectations for the third quarter are consistent with analyst forecasts. Worries about an economic slowdown, rising commodity costs, and supply chain disruptions stemming from the tragedy in Japan have weighed on investors recently. Fairchild's slightly better than expected second quarter, and its comfort with third quarter forecasts, suggests that the concerns were overblown for this stock.

Interested in more info on FCS? 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.