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 semiconductor materials producer Entegris (Nasdaq: ENTG) short-circuited this morning, falling as much as 11.6% on heavy trading before recovering to a modest 2% swoon.

So what: In the just-released second-quarter report, Entegris beat earnings and sales estimates but guided below Street expectations for the next quarter. The situation is also complicated by chip-making champ Intel (Nasdaq: INTC) reporting a similar mix of decent and pessimistic numbers on the same night.

Now what: All is not doom and gloom in the chip-equipment sector, however. Tool builder MKS Instruments (Nasdaq: MKSI) also reported results last night and shares climbed nearly 10% on good results despite a gloomy outlook. Entegris shares have gained 87% over the last year, so it's understandable if investors are a little jumpy -- especially given the sky-high beta value of 3.7 on this small-cap stock.

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