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: OPNET Technologies (Nasdaq: OPNT) popped 14% in intraday trading today after reporting better-than-expected earnings.

So what: First fiscal quarter non-GAAP EPS of $0.21 was up 33% year over year and nicely beat the $0.18 consensus estimate. GAAP EPS of $0.18 tripled year over year. Revenue grew 30% to $31.1 million, with product revenue up 50% and deferred revenue up 6%.

Now what: Operating margin is demonstrating impressive economies of scale, with non-GAAP operating margin expanding to 18.4% from 10.3% in the year-ago quarter and GAAP operating margin expanding to 15.6% from 7.4%. Management stated it believes the company's "competitive advantages can generate sustained growth in product revenue and profitability over the long term." Non-GAAP EPS guidance for the current quarter is between $0.19 and $0.27, compared to a $0.23 consensus estimate and $0.16 in the year-earlier quarter.

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