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: Dell (Nasdaq: DELL) popped 11% in intraday trading today after fiscal fourth-quarter non-GAAP EPS of $0.53 blew away the $0.37 consensus and increased 89% year over year, even as revenue fell short of consensus forecasts with 5% year-over-year growth.

So what: It appears years of struggles to revive the company may finally be bearing fruit. This was the second consecutive quarter that Dell walloped expectations: Prior-quarter non-GAAP EPS was $0.45 versus the consensus estimate of $0.33.

Now what: Guidance for the coming fiscal year included operating income growth of 6 to 12%. However, implied non-GAAP EPS is only about $1.30 to $1.45, compared to $1.59 in the just-completed year and a consensus forecast of $1.50, due to expected increases in the tax rate and interest and other income. That said, guidance is likely conservative, and the implied EPS gives the stock a low forward P/E ratio of about 10.5 times to 11.7 times.

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Fool contributor Cindy Johnson does not own shares of any company named above. 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.