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 packaged-food company Diamond Foods (Nasdaq: DMND) surged 12% on Friday after its fourth-quarter results and full-year outlook topped Wall Street expectations.

So what: Diamond has been on an acquisition spree in recent years to broaden its lineup of snacks, and yesterday evening's earnings beat -- $0.52 per share versus the consensus of $0.44 -- is yet another sign that the strategy is paying off. In fact, the shares are hitting a new 52-week high on the news and have now more than doubled over the past year.

Now what: Expect even more growth to come. Thanks to its $1.5 billion purchase of the Pringles brand from Procter & Gamble (NYSE: PG) (expected to close in December), Diamond stands to triple the size of its business and become the world's largest snack company behind only PepsiCo (NYSE: PEP). With management issuing market-topping full-year guidance as well, Diamond's share price momentum seems like a good bet to continue.

Interested in more info on Diamond? Add it to your watchlist.