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 medical-device specialist Mindray Medical International (NYSE: MR) climbed 10% on Tuesday after its quarterly results and guidance topped Wall Street expectations.

So what: Mindray's second-quarter beat was so wide -- adjusted EPS of $0.50 on revenue of $267.8 million, versus the consensus estimate of just $0.45 and $258.7 million -- that analysts have no choice but to raise their price targets on the stock. The shares have been pressured in recent months on concerns over the slowing global economy, but robust international and Chinese sales growth of 20.5% and 27.1%, respectively, is quickly easing those worries.

Now what: For the full year, management said it expected earnings to grow at least 15% over the year-ago period -- up from its prior forecast of 13% -- and maintained its revenue outlook of 18% growth. "We are confident about delivering our revised financial targets for the year," said president and co-CEO Li Xiting. "Looking ahead, we will maintain our operational excellence and explore additional opportunities that will further accelerate Mindray's future growth and expansion."

With the stock hitting a new 52-week high today and trading at a 25-plus P/E, however, much of that bullishness might already be baked into the price.

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