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 network infrastructure products specialist QLogic (NASDAQ:QLGC) jumped 16% today after the company's quarterly results topped Wall Street expectations.

So what: QLogic shares have been beaten over the past year on disappointing demand for its Ethernet products, but today's third-quarter beat -- adjusted EPS of $0.20 on revenue of $119.4 million versus the consensus of $0.18 and $117.5 million, respectively -- suggests that things are starting to turn around. While year-over-year numbers did drop, the rate of decline is slowing, forcing analysts to increase their valuation estimates.

Now what: Don't let today's pop keep you from looking into the stock. "We are seeing stabilization in our business and I believe our investments in innovative technologies for new market opportunities position us well to deliver future growth," said CEO Simon Biddiscombe. More important, with the stock still down about 30% from its 52-week highs even after today's spike, there might be a decent amount of room left to buy into that bullishness.

Interested in more info QLogic? Add it to your watchlist.

Fool contributor Brian Pacampara has no position in any stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. 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.