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 Universal Display (Nasdaq: PANL) rose more than 11% on above-average volume after the company reported strong third-quarter results last night. Management also said its patents are holding up both here and in Europe.

So what: Revenue tripled to $21.8 million, helping turn last year's $0.19 per share loss into a $0.12 per share gain. Analysts were expecting a $0.01 per share loss on $12.4 million in revenue, according to data compiled by Yahoo! Finance.

Now what: The report comes a day after analysts dismissed earlier speculation of a sourcing deal with Apple (Nasdaq: AAPL) that would bring OLED screens to the iPhone. Apparently, Universal Display doesn't need the (ahem) iAssist. Do you agree? Or would you buy shares at current prices? Please weigh in using the comments box below.

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