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 memory chip-maker Micron Technology (Nasdaq: MU) surged 14% on Thursday after its first-quarter results offered some rays of hope that the worst is behind it.

So what: Micron posted its second-straight quarterly loss ($187 million), but a 14% jump in DRAM shipments, coupled with inventory levels that management called "healthy," suggests that the DRAM market might finally be bottoming. Spiraling DRAM prices have applied the most pressure on Micron's stock over the past year, so it's no surprise that investors are rushing to get ahead of a possible turnaround.

Now what: Don't let today's rally keep you from looking into Micron. "I think we're hopeful, and I think we believe that the supply/demand equation, as we move into the next year, should be pretty good, particularly if we have any demand creation at all," CEO Steve Appleton said. Best of all, with the stock still down nearly 50% from its April highs and currently sporting a price-to-sales of just 0.6, there's still plenty of room for investors to benefit.  

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

Fool contributor Brian Pacampara owns no position in any of the companies mentioned. Try any of our Foolish newsletter services free for 30 days.

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