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 Peregrine Semiconductor (NASDAQ:PSMI) have skyrocketed today by as much as 14% after the company reported earnings.

So what: Revenue in the second quarter came in at $52.4 million, which translated into non-GAAP earnings per share of $0.03. Both results easily bested consensus estimates, which were calling for $49.2 million in revenue and an adjusted loss of $0.02 per share.

Now what: CEO Jim Cable said the company's newest RF products that support carrier aggregation on LTE-Advanced networks are performing well, and Peregrine recently inked a multiyear sourcing agreement with Murata. The company is positioned to expand beyond the handset market and address the wireless infrastructure market, among others. Third-quarter sales are expected in the range of $58 million to $62 million, with gross margin of 42% to 44%.

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