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: (NYSE: CRM) popped 10% in intraday trading today after reporting better-than-expected first-quarter results and issuing a strong outlook.

So what: Non-GAAP EPS of $0.28 beat the consensus estimate of $0.27, but fell from $0.30 in the year-ago quarter amid higher operating expenses. Revenue grew 34%, deferred revenue increased 38%, and total customers expanded 26% all year over year.

Now what: Management expects non-GAAP EPS of $0.29 to $0.30 for the second quarter and $1.30 to $1.32 for the fiscal year, compared to consensus estimates of $0.26 and $1.22, respectively. That suggests that non-GAAP EPS will accelerate in the second half. GAAP earnings were near breakeven, and management expects a loss for the year, but even at its non-GAAP P/E ratio of 113 times, the stock could be a dangerous short.

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