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.

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Fool contributor Anders Bylund has sold puts on Intel but holds no other position in any of the companies discussed here. The Fool owns shares of and has bought calls on Intel. Motley Fool newsletter services have recommended buying shares of Intel. Motley Fool newsletter services have recommended creating a diagonal call position in Intel. 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.