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 Synchronoss Technologies (Nasdaq: SNCR) rose a little more than 10% in intraday trading after the company beat Wall Street's expectations for first-quarter results, raised full-year revenue guidance, and announced a $20 million stock repurchase program.

So what: Non-GAAP revenue rose 52% to $53.4 million while adjusted profit rose 43% to $0.20 per share. Both results beat estimates, but it was the higher guidance that appeared to please investors most. Management now expects the company to book $218 million to $223 million in 2011 revenue, up from an earlier estimate of $214 million to $220 million.

Now what: For as volatile as the stock has been, long-term holders of Synchronoss have to be happy today. The stock popped more than 10% in a day twice after December's news that company founder James McCormick had adopted a 10b5-1 plan to programmatically sell some of his shares.

Even so, it'll take a lot to keep the rally going. At more than 270 times earnings, Synchronoss not only trades for a premium to the industry average but also to competitors Amdocs (NYSE: DOX), CSG Systems (Nasdaq: CSGS), and NeuStar (NYSE: NSR).

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