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 semiconductor designer Skyworks Solutions (Nasdaq: SWKS) were headed skyward today, gaining as much as 16% in intraday trading after the company announced fiscal second-quarter earnings.

So what: During earnings season, the math for stock pops and drops is generally pretty simple -- beat analysts' estimates and you're headed up, miss them and you're southbound. For Skyworks, the former was the case as the company announced non-GAAP earnings per share of $0.41 versus analyst estimates of $0.39. Revenue of $325 million also topped the expected $317 million. Compared to last year, the results also looked good as revenue rose 37% and non-GAAP earnings per share soared 71%.

Now what: While beating current-quarter earnings estimates can get a stock going during earnings season, projecting future earnings that are better than expected can really give some added oomph. Fortunately for Skyworks shareholders, management did just that, guiding for $0.46 in non-GAAP EPS in the second quarter versus current Wall Street estimates of $0.43.

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