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: Inphi (Nasdaq: IPHI) popped 12% in intraday trading today as positive comments about the second half of 2011 overcame inline earnings and muted guidance.

So what: Non-GAAP EPS of $0.10 met the consensus forecast. Management guided second-quarter non-GAAP EPS to $0.12 to $0.14, a disappointment compared to the consensus estimate of $0.14.

Now what: Management guided second-quarter revenue to growth of 9% to 12% sequentially, an increase of 11% to 15% from the year-ago quarter. The CEO said that the company's design win pipeline should continue to grow with the rollout of new networking products, and Inphi plans to start shipping key products in production quantities during the second half. The second-half comments bode well for analyst expectations that non-GAAP EPS will skyrocket up to $0.26 in the fourth quarter.  

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