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 Micrel (Nasdaq: MCRL) rose more than 15% in early trading after reporting third-quarter earnings that beat expectations.

So what: The chip maker's numbers were hardly perfect, however. Revenue decreased 6% to $64.2 million, below estimates, while adjusted per-share earnings fell an almost breathtaking 36% year over year to $0.16 a share -- and yet it was still two pennies better than Wall Street had predicted.

Now what: I'm not so sure the beat matters, and neither do a lot of Big Money investors. Micrel had given back more than 10% of its early gains on what could be profit-taking. What would you do? Would you buy shares of Micrel at current prices? Please weigh in using the comments box below.

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