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 Skyworks Solutions (Nasdaq: SWKS) surged as much as 19% on strong quarterly results and an upbeat forecast for its fiscal fourth quarter.

So what: Like chip-making peer Cirrus Logic (Nasdaq: CRUS), Skyworks usually benefits when Apple’s (Nasdaq: AAPL) iPhone sales go gangbusters as they did last quarter. The results this time? Revenue rose 27% to $356.1 million, resulting in $0.49 in adjusted earnings per share.

Now what: As good as that is, investors bought on better-than-expected guidance. Management says Q4 revenue will come in at $400 million, resulting in $0.53 a share of profit. Analysts had been looking for $370 million and $0.50, respectively. Yet, Skyworks still trades for a fraction of the long-term earnings growth analysts expect. Those looking for a cheaper way to play the rise of iDevices may want to give this stock a second look.

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