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 Cypress Semiconductor (Nasdaq: CY) jumped 10% today after the company released earnings.

So what: First-quarter revenue of $233.1 million beat estimates of $228.9 million, and adjusted earnings per share of $0.24 were a penny more than analysts expected. But the second-quarter outlook has gotten investors really excited today. Cypress expects revenue between $248 million and $255 million and earnings between $0.30 and $0.32 per share.

Now what: Touch screens are now the company's largest business, and management expects to win even more contracts in the future. With touch screens in everything from digital cameras to dashboard displays, Cypress' business should continue strong growth this year. The company has a history of beating analysts' expectations, and with Wall Street already behind on estimates for the second quarter the stock has plenty of room to move higher.

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

Fool contributor Travis Hoium does not have a position in any company mentioned. You can follow Travis on Twitter at @FlushDrawFool, check out his personal stock holdings or follow his CAPS picks at TMFFlushDraw.

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