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 NetApp (NASDAQ:NTAP) surged by as much as 14% today after the company reported earnings last night.

So what: Revenue in the fiscal second quarter came in at $1.54 billion, with non-GAAP earnings per share of $0.51. The bottom-line result topped both the consensus estimate of $0.48 per share in adjusted profits as well as exceeding its own earnings guidance, despite a challenging macro environment.

Now what: Third-quarter guidance calls for sales in the range of $1.58 billion to $1.68 billion, with adjusted earnings per share of $0.53 to $0.58. NetApp also said it was acquiring storage solutions company CacheIQ for an undisclosed amount, while also increasing its share repurchase program authorization by $1.5 billion. Raymond James upgraded the stock to outperform with a $35 price target following the strong showing.

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Fool contributor Evan Niu, CFA, has no positions in the stocks mentioned above. The Motley Fool has no positions in the stocks mentioned above. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.