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 semiconductor company Micron Technology, (NASDAQ:MU) popped 10% today after its quarterly results easily topped Wall Street estimates.

So what: The stock has skyrocketed over the past year on better-than-expected growth, and today's Q1 results -- EPS spiked 165% on a revenue surge of 120% -- only reinforce that trend. In fact, DRAM sales soared 69% year over year while gross margins improved to 32% (from 25% in Q4), suggesting that the industry is starting to lend itself to long-term profitability.  

Now what: Management expects conditions in the memory space to remain favorable. "In terms of DRAM, the fire at Hynix Wuxi fab last fall coupled with what was a healthy supply demand situation beforehand is resulting in significant reductions in inventory across the DRAM supply chain, in particular for the PC and mobile segments," said CEO Mark Durcan in a conference call. "Our belief is that this tight and further declining inventory situation coupled with balanced long-term production and demand to continue to drive healthy market conditions." Of course, with Micron shares now up a whopping 230% from its 52-week lows, much of that bullish outlook might already be baked well into the valuation. 

Fool contributor Brian Pacampara has no position in any stocks mentioned, and neither does The Motley Fool. 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.