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 Chinese advertiser Focus Media (Nasdaq: FMCN) were flying high today, gaining as much as 10% in intraday trading after the company announced second-quarter results.

So what: Generally, Wall Street cooks up estimates for the earnings a company will report, and if the company's numbers exceed those estimates, investors rejoice. For its second quarter, Focus Media reported total revenue growth of 46%, to $179 million. On a non-GAAP basis (which is adjusted primarily for stock compensation), Focus' second-quarter earnings per share came in at $0.44. And those Wall Street numbers? They had Focus at just $0.37 in per-share profit on $163 million in revenue.

Now what: As if that wasn't enough, Focus Media also made investors smile by providing third-quarter guidance that also topped analysts' views. At the midpoint of management's range, the company is expected to report third-quarter revenue of $176 million and non-GAAP earnings per share of $0.49. Current Wall Street estimates call for $174 million in revenue and $0.43 in EPS.

Focus' stock currently trades at 20 times full-year earnings estimates, but if it continues with this kind of growth and upside surprises, that may look like a very reasonable price in hindsight.

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