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 chip-making materials producer Entegris (Nasdaq: ENTG) hit a rough patch earlier this week, but came roaring back today, rising as much as 10.8% on fairly heavy volume.

So what: Thursday's fall was the result of a soft earnings outlook; this bounce comes courtesy of an analyst upgrade. Dougherty had lowered the stock from buy to hold after the last earnings report, but reversed course with a new price target at $11.25 per share, or about 19% above current levels.

Now what: The semiconductor tools sector is full of ultravolatile stocks, several of which are following in Entegris' footsteps today. Ultra Clean Holdings (Nasdaq: UCTT) and Mattson Technology (Nasdaq: MTSN) both sport beta values north of 2 and have gained nearly 4% today, for example. Assuming that chip builder giants such as Intel (Nasdaq: INTC) and Taiwan Semiconductor Manufacturing (NYSE: TSM) aren't about to stop their factory buildouts altogether, I see no reason why these stocks couldn't enjoy further gains -- though I'm afraid you missed a terrific buy-in opportunity on Entegris this week.

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

Fool contributor Anders Bylund has sold puts on Intel, but he holds no other position in any company mentioned. Click here to see his holdings and a short bio. 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.