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: F5 Networks (Nasdaq: FFIV) popped 12% in intraday trading today, after reporting better-than-expected earnings.

So what: In F5's second fiscal quarter, non-GAAP EPS of $0.88 was up 57% from the year-ago quarter and beat the consensus estimate of $0.85. GAAP EPS of $0.68 was up 66% from the year-ago quarter.

Now what: For the current quarter, management expects non-GAAP EPS of $0.89 to $0.91, compared to the consensus estimate of $0.89. The company indicated that its guidance reflects any impact from the tragedy in Japan. In the next quarter, F5 plans to launch a new application delivery controller that will speed up Internet traffic, and thinks the new device will drive significant revenue.  

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