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: Illumina (Nasdaq: ILMN) shares bounced 10% in early trading, after earnings beat analyst estimates.

So What: Earnings per share, excluding special items, came in at $0.30, above analysts' projections of $0.24. Revenue of $237.3 million soundly beat estimates of $218.3 million.

Now What: Net income increased 100% year over year, and the company beat estimates for the fourth straight quarter -- a quality I look for in a growth stock. These are great results for Illumina, as demand for its research tools picks up. The stock has since pulled back from its midday peak, creating a better buying opportunity for this Motley Fool Stock Advisor pick.

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Fool contributor Travis Hoium does not have a position in any company mentioned. You can follow Travis on Twitter at @FlushDrawFool, check out his personal stock holdings or follow his CAPS picks at TMFFlushDraw.

Illumina is a Motley Fool Stock Advisor pick. 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.