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: Optical network equipment maker Finisar (Nasdaq: FNSR) shares jumped 17% after the company reported earnings that beat estimates.

So what: Revenue took a big step forward, increasing 65% to $240.9 million as demand for LAN/SAN and metro/telecom products was strong. Adjusted earnings of $0.44 easily cruised past Wall Street's expectation of $0.38.

Now what: This is a huge turnaround from a loss of $0.49 per share a year ago, and it looks like the future will be even brighter. Management expects earnings of $0.45-$0.47 per share in the fiscal third quarter, crushing Wall Street estimates of $0.41. Analysts look to be behind the growth story, one of my favorite buy signs, and I think this stock has room to move higher considering the growth and profitability we saw this quarter.

Interested in more info on Finisar? Add it to your watchlist.

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.

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