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 LED equipment maker Veeco Instruments (NASDAQ:VECO) soared 17% today after its first-quarter bookings and business update impressed Wall Street.  

So what: The stock has been pummeled over the past two years on a supply glut in the industry, but better-than-expected bookings in the first quarter -- $70 million -- suggests that things are beginning to pick up. While business conditions remain challenging, the slight improvement seems to be reigniting optimism over the industry's long-term growth prospects. 

Now what: Despite limited visibility, management expects bookings to be significantly higher in the second quarter. "Looking ahead, end market signals in MOCVD are mixed but appear to be trending in a positive direction," Chairman and CEO John Peeler said. "Some key LED customers are operating at close to full utilization rates, and we are now booking some rush purchase orders -- the first we have seen in two years." With the stock flirting with its 52-week highs and trading at a 30-plus forward P/E, however, I'd wait for some of the excitement to fade before betting too much on that turnaround talk.

Interested in more info Veeco? Add it to your watchlist.

Fool contributor Brian Pacampara has no position in any stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. 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.