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 audio technologist Dolby Laboratories (NYSE: DLB) surged 11% today after its quarterly results and guidance easily topped Wall Street estimates.

So what: Dolby's fourth-quarter beat was so wide -- EPS of $0.81 trounced the consensus estimate of $0.59 -- that analysts have no choice but to increase their growth projections. Dolby shares have been battered in recent months on concerns over the loss of PC-related revenue, but licensing revenue growth of 15% suggests that it is positioned just fine in other attractive markets.

Now what: Looking ahead, management now sees full-year fiscal 2012 EPS of $2.71-$3.02, which also thumped Wall Street's EPS forecast of $2.66. "We continue to see a significant opportunity in broadcast and remain focused on extending our technologies to online content and a growing array of portable devices," CEO Kevin Yeaman said. More importantly, with the stock still down around 55% year to date and sporting a cheapish forward P/E of roughly 11, buying into that optimism won't come at a high price.

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