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: Advanced Micro Devices (NYSE: AMD) popped 19% in intraday trading today after delivering a better-than-expected quarter and outlook.

So what: Second-quarter EPS of $0.08 beat the $0.07 consensus estimate and reversed a loss in the year-ago quarter, even as sales fell 5%.  Management guided third-quarter revenue to $1.76 billion, 9% year-over-year growth and above the consensus forecast of $1.7 billion.

Now what: Weak consumer demand in developed markets and poor traction in server processors hurt revenue in the second quarter. There is no apparent end to the company's long CEO search amid reports that AMD has unsuccessfully wooed senior executives at Apple (Nasdaq: AAPL), Oracle (Nasdaq: ORCL), EMC (NYSE: EMC), and Carlyle Group. That said, the company's Fusion processor appears to be off to a strong start and could drive market share gains in notebook PCs.

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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.