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 Diamond Foods (Nasdaq: DMND) popped 10% in intraday trading after the snack specialist posted tastier-than-expected first-quarter results and upped its full-year guidance.

So what: Helped largely by a boost in retail sales, Diamond's top line grew 40% to $252.6 million; Wall Street had expected revenue of $239.8 million. More importantly, management believes those positive tailwinds will push into next year and now sees 2011 adjusted earnings of $2.43 to $2.49 a share, up from its previous forecast of $2.38 to $2.48 a share.

Now what: Diamond's shares are up about 40% in 2010, but given the company's relatively small size and positive outlook, they may have plenty of room to run. Over the next five years, Diamond is expected to grow at an even faster clip than snack specialists like Kraft (NYSE: KFT), PepsiCo (NYSE: PEP), and ConAgra (NYSE: CAG). With a portfolio of brands that includes Emerald, Pop Secret, and Kettle, Diamond seems tasty enough to at least look into.

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

Fool contributor Brian Pacampara doesn't own a position in any of the companies mentioned. PepsiCo is a Motley Fool Income Investor pick, and Motley Fool Options has recommended a diagonal call position on it. Try any of our Foolish newsletter services free for 30 days.

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