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What: Shares of Fairchild Semiconductor (NYSE: FCS) are jumping today, up by as much as 13%, after peer Linear Technology (Nasdaq: LLTC) reported strong guidance, leading the sector higher.

So what: Linear's second-quarter results came in on par with expectations, but it projected a robust third quarter, downplaying fears that the global semiconductor industry was slowing down. The sector had hit a speed bump halfway through 2011 due to softening gadget demand and broader economic conditions, along with slowing PC shipments.

Now what: Canaccord Genuity added some additional detail specific to Fairchild, calling it an aggressive play for the recovery. Analyst Bobby Burleson believes Fairchild is well-positioned to benefit as channel inventories draw down. Burleson also sees Fairchild's gross margins ticking higher as utilization rates increase, leading him to reiterate his buy rating and $15 price target.

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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. Motley Fool newsletter services have recommended buying shares of Linear Technology. 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.