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 Cirrus Logic (Nasdaq: CRUS) and its largest customer, Apple (Nasdaq: AAPL), are both soaring today, with Cirrus Logic gaining as much as 12% while its Cupertino customer jumped 10%, after Apple posted a blowout quarter.

So what: As Cirrus is the sole supplier for audio codecs in iDevices, the 35 million iPhones and 11.8 million iPads that Apple just sold bode well for the smaller company. Other Apple suppliers are also enjoying gains on the news, but Cirrus Logic relies more heavily on Apple than some of Apple's other component providers do.

Now what: Last quarter, Apple contributed a whopping 70% of Cirrus Logic's revenue, up from 54% a year ago. On top of that, Cirrus Logic is actually set to report earnings today after the close, with analysts expecting revenue of $110 million and earnings per share of $0.30. In just a few hours, we'll know for sure if this optimism for Cirrus is justified, but I have a feeling it is.

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