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 technology specialist Harmonic (Nasdaq: HLIT) rose more than 14% on heavy volume after reporting better-than-expected fourth-quarter revenue and profit.

So what: Harmonic earned $0.11 in adjusted profit on $138.2 million in Q4 revenue. Analysts were expecting $0.09 and $130.1 million, respectively, according to Yahoo! Finance.

Now what: Is anyone really surprised by this result? Harmonic's video encoding technology is increasingly important in the Netflix age of high-definition, on-demand video. The company's customer list reads like a Who's Who of cable network providers, including Cablevision and Comcast.

Despite this, analysts still only call for 15% profit growth over the next several years. With Web and on-demand video consumption growing by the day, I suspect we'll look back in a few years and laugh at how much Wall Street lowballed Harmonic's profit potential.

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