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: Standard Microsystems (Nasdaq: SMSC) popped 12% in intraday trading today after earnings spanked analyst expectations.

So what: Non-GAAP EPS of $0.47 beat the consensus estimate of $0.28 and grew 42% year over year. GAAP EPS, which includes one-time items, was $0.26, up from $0.03 a year earlier.

Now what: Earnings benefited from higher revenue and lower SG&A costs. An acquisition that contributed to the revenue increase should have a larger impact in the current quarter. Management expects revenue of $112 million to $114 million, up from $103.5 million last quarter, and non-GAAP EPS of $0.36 to $0.38.

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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.