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: Semtech (Nasdaq: SMTC) popped 12% in intraday trading today after delivering better than expected earnings and guidance.

So what: Non-GAAP EPS of $0.47 beat the consensus estimate of $0.41 and was up 57% from the year-ago quarter, helped by revenue growth of 36%. Management expects non-GAAP EPS for the current quarter of $0.41 to $0.44, compared to $0.35 in the year-earlier quarter and a consensus estimate of $0.40.

Now what: Non-GAAP EPS jumped up over the past year to $1.71, after ranging from $0.61 to $0.90 over the prior six years. Guidance and positive management comments about the outlook suggest Semtech will build on last year's improvement. Though guidance indicates non-GAAP EPS growth is expected to slow to 17% to 26% in the current quarter, the stock is trading at a non-GAAP P/E of 13.1 times and GAAP P/E of 22.5 times.

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