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 video game maker Electronic Arts (Nasdaq: ERTS) soared as much as 17% in intraday trading after the company reported fiscal third-quarter results.

So what: Revenue for the quarter clocked in at $1.4 billion, which was basically in line with Wall Street expectations. Non-GAAP earnings per share were $0.59, which was at the high end of Electronic Arts' estimates and above the average analyst estimate of $0.57. The company reported strong 39% growth from its digital games and saw good traction for online games including Madden NFL and FIFA Superstars on Facebook. It also announced a $600 million share buyback, a move that underscores the company's confidence in its future.

Now what: Electronic Arts needs to stay on top of its game (pun intended) if it hopes to compete effectively with its larger rival, Activision Blizzard (Nasdaq: ATVI), as well as smaller foes like Take-Two Interactive (Nasdaq: TTWO). Looking ahead, the company is betting heavily on Star Wars: The Old Republic, a massively multiplayer online game that will try to unseat Activision's dominant World of Warcraft. That will be a tough row to hoe, so while investors can take some time to cheer the previous quarter's results, they should keep a keen eye on whether the company is able to deliver on its big bets ahead.

Want to keep up to date on Electronic Arts? Add it to your watchlist.