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 analog and mixed-signal semiconductor specialist Semtech (NASDAQ:SMTC) jumped 13% today after its quarterly results and guidance impressed Wall Street.

So what: Semtech shares have slumped in 2012 on persistently weak tech spending, but a wide third-quarter beat -- adjusted EPS of $0.53 versus the consensus of $0.43 -- coupled with upbeat guidance is triggering hopes of prolonged upturn. In fact, the company's revenue surged 30% to a record $160.9 million while gross margins increased, giving investors plenty of confidence in its ability to grow profitably going forward.

Now what: Management now sees fourth-quarter adjusted EPS of $0.41-$0.45 on revenue of $146 million-$152 million, versus Wall Street's view of $0.41 and $147.6 million. "Our relentless focus on identifying growth opportunities and executing well continues to yield positive results for the company," CEO Mohan Maheswaran said in a statement. With the stock now flirting with its 52-week highs and trading at a 35-plus P/E, however, I'd wait for Mr. Market to calm down a bit before buying into that bullishness.

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This article represents the opinion of the writer, who may disagree with the “official” recommendation position of a Motley Fool premium advisory service. We’re motley! Questioning an investing thesis -- even one of our own -- helps us all think critically about investing and make decisions that help us become smarter, happier, and richer.