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 communications software specialist BroadSoft (Nasdaq: BSFT) soared a whopping 30% on Tuesday after its quarterly results and guidance easily topped Wall Street expectations.

So what: The stock was slashed in early May after management offered a gloomy outlook for 2012, but today's wide second-quarter beat -- adjusted EPS of $0.33 versus the consensus of just $0.21 -- coupled with upbeat guidance naturally sparks optimism over a turnaround. In fact, revenue from Europe, the Middle East, and Africa doubled while revenue from the Americas grew a solid 16%, suggesting that demand for unified communications remains robust despite the slowing global economy.

Now what: For the full year, management now sees adjusted EPS of $1.30-$1.40 on revenue of $162 million-$167 million, versus the average analyst estimate of $1.25 and $161 million, respectively. "We are executing well and demand for our software and services continues to grow," said President and CEO Michael Tessler in a statement. Given today's massive rally and BroadSoft's 30-plus P/E, however, much of that growth might already be discounted into the stock.   

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