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 PMC-Sierra (UNKNOWN:PMCS.DL) have jumped today by as much as 18% after the company reported fourth-quarter earnings.

So what: Revenue in the quarter came out to $129.4 million, easily topping the Street's best guess of $126.5 million up top. Non-GAAP net income turned out to be $25.1 million, or $0.12 per share, again sliding past the $0.10 per share profit that analysts were expecting.

Now what: During the quarter, PMC-Sierra appointed a new CFO, Steve Geiser. The figures were on the high end of the company's outlook, even though it faced tough macro conditions in the semiconductor market. For the full year, sales totaled $531 million and non-GAAP net income was $81.8 million, or $0.38 per share.

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