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 Monolithic Power Systems (Nasdaq: MPWR) jumped as much as 15% early in trading after the company released earnings.

So what: During the fourth quarter, revenue declined 10.4% from last year to $47.5 million. Non-GAAP net income was $5.2 million, or $0.15 per share, topping the $0.11 in earnings analysts had expected. GAAP net income was $2.5 million, or $0.07 per share.

Now what: The company is hoping to return to growth in 2012 after a transition plan was executed in 2011. If the company can return to growth, shares may be worth looking at again. For now, I can't pay a forward earnings multiple of 17 for a company whose revenue is declining even after beating analysts' expectations today.

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