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: Silicon Image (Nasdaq: SIMG) popped 20% in intraday trading today after reporting better-than-expected earnings.

So what: Non-GAAP EPS of $0.03 beat the consensus estimate of $0.01 and compares favorably with a loss of $0.05 in the year-ago quarter. GAAP EPS was a loss of $0.01, an improvement from a loss of $0.10 in the year-ago quarter.

Now what: Revenue grew an impressive 43% year-over-year, helped by successes in components for smartphones and tablets. Guidance for the current quarter suggests non-GAAP EPS will come in at about $0.04, in line with the consensus estimate. Needham upgraded the stock from hold to buy.

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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.