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 MaxLinear (NYSE:MXL) have been rising throughout the day, and currently sit on an 18% gain after investors responded in an overwhelmingly positive way to the company's strong second-quarter earnings report released yesterday afternoon.

So what: MaxLinear's revenue came in at $29.8 million for the second quarter, a 22% year-over-year improvement and ahead of the $28.5 million Wall Street consensus. Earnings of $0.11 per share trounced the Street's $0.06 consensus. MaxLinear now expects revenue in the $31 million to $32 million range for the third quarter, which is a much smaller year-over-year increase (between 4% and 7%).

Now what: Investors have been excited about this stock all year, but today's pop only puts the exclamation point on that interest. MaxLinear's shares have gained 60% since the start of 2013, which is far better than the 6% growth in trailing-12-month revenue that the company has recorded over the same period. Tread carefully here. The market might be getting a little ahead of itself.

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