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 Altera (Nasdaq: ALTR) are popping today by upward of 12% after the chip maker reported third-quarter earnings last night.

So what: Revenue for the quarter came in at $522.5 million while earnings per share was $0.57. While these figures were short of analysts' consensus, which called for $541.6 million in sales and $0.59 per share, shares are up today on optimism that the worst is in the rearview mirror.

Now what: Following the results, the stock is seeing an upside as a number of analysts are upgrading the company to buy, including Mizuho Securities and CLSA Asia-Pacific Markets. Analysts are also positive that Altera seems ahead of the competition with chips using a new 28-nanometer process. Altera also has some good exposure to the migration toward 4G LTE that is just now beginning.

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Fool contributor Evan Niu holds no position in any company mentioned. Click here to see his holdings and a short bio. 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 has a disclosure policy.