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: NVIDIA Corporation (Nasdaq: NVDA) popped 11% in intraday trading today after it reported quarterly EPS of $0.23, trouncing the consensus estimate of $0.16.

So what: NVIDIA has been working to move beyond its legacy business of providing graphics processors for PCs as graphics processing is increasingly being integrated into PC microprocessors. NVIDIA's efforts, centered around its Tegra processors for mobile devices, appear to be gaining better-than-expected traction.

Now what: NVIDIA's Tegra chips were well-received at last month's Consumer Electronics Show and have been designed into smartphones and tablets made by Motorola Mobility Holdings (NYSE: MMI), LG Electronics (066570.KS) and Dell (Nasdaq: DELL). With the Tegra line considered a strong offering in the high-growth mobile device market and revenue guidance for the current quarter about 7% above the consensus forecast, NVIDIA's earnings could get a significant boost going forward. That said, rising operating expenses and hard-to-predict smartphone and tablet sales are risks to the outlook.

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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.