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 solid-state-drive specialist OCZ Technology (NYSE: OCZ) were a very solid bet today as shares rose as much as 15% on heavy volume.

So what: While investors are waiting out the final few days before the kick-off of second-quarter earnings season, OCZ snuck in its fiscal first-quarter report after yesterday's close. Revenue for the quarter clocked in at $73.8 million, 115% above the prior year and ahead of the $69.4 million that analysts were expecting. On a non-GAAP basis, the bottom line inched into the black with a $0.01-per-share profit. Wall Street was anticipating a $0.01 loss.

Now what: Don't navigate away yet -- it gets better! The company also updated its guidance for the full fiscal 2012. Revenue is expected to be between $310 million and $345 million, which, at the midpoint, is slightly above the $326 million that analysts were estimating. Management also bumped up the expected long-term gross margin range from 28%-32% to 30%-40%.

While there's plenty to be excited about in this quarterly release, investors may still want to be cautious about betting the house on OCZ. The company's GAAP bottom line continues to be well in the red, and it managed to burn through nearly $23 million in cash from operations during the quarter.

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Fool contributor Matt Koppenheffer does not have a financial interest in any of the companies mentioned. You can check out what Matt is keeping an eye on by visiting his CAPS portfolio, or you can follow Matt on Twitter @KoppTheFool or Facebook. The Fool's disclosure policy prefers dividends over a sharp stick in the eye.