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 radio frequency component maker RF Micro Devices (Nasdaq: RFMD) rallied as much as 15% today after receiving an analyst upgrade.

So what: Research firm Avian upgraded RF Micro Devices this morning to "positive" from the "neutral" rating it bestowed upon the stock in February. This has actually been a very analyst-heavy past few weeks for RF Micro. Research firm Cantor maintained its "buy" rating late last week on the company, stating that the selling was likely overdone and that the company is improving its position with Qualcomm (Nasdaq: QCOM) and Samsung. Just over two weeks ago, Stephens initiated RF Micro with a "buy" rating.

Now what: As always, I'd like to remind everyone that analyst upgrades and downgrades are short-term events that should be taken with a grain of salt. Chances are that your investment thesis on RF Micro Devices yesterday hasn't changed today because of the upgrade. Personally, I'd like to see RF Micro turning a stronger profit, and I'll sit on the sidelines until I see that happen.

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