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 equipment maker ASML (Nasdaq: ASML) popped as much as 10% today after its third-quarter results and current-quarter guidance topped Wall Street expectations.

So what: The shaky economy has fueled a lot of worry over the semiconductor sector, but ASML's announcement -- 32% quarterly profit growth and a full-year revenue forecast of $7.5 billion -- reassures investors that orders are still at least rising. The company's order book can sometimes serve as a bellwether for big chip makers, so it's no surprise that two of its major customers, Intel (Nasdaq: INTC) and Taiwan Semiconductor (NYSE: TSM), are also up a bit today.   

Now what: I wouldn't be too quick to jump into the stock just yet. While ASML's short term looks decent enough, CEO Eric Meurice admitted that 2012 will be a "mixed bag" and said that it is way too early to make any predictions for next year. While that kind of uncertainty can often lead to outstanding bargain opportunities, ASML's forward P/E of 14 suggests that it's still not cheap enough to take a chance.

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