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 Mentor Graphics (Nasdaq: MENT) rose more than 11% in early trading and have held those gains despite a broad tech selloff. Investors applauded the company's second-quarter results, which beat expectations.

So what: Revenue rose 13.7% to $213.7 million while adjusted profit soared from $0.01 a share a year ago to $0.11 in Q2. Analysts were expecting just $0.05 a share on $209.9 million in revenue, according to data compiled by Yahoo! Finance.

Now what: Talk about encouraging. Analysts already see Mentor trading at a discount to the long-term earnings growth rate they expect. The resulting 0.92 PEG ratio could prove conservative if the company keeps blowing away estimates like this. Do you agree? Would you buy at these levels? Weigh in using the comments box below.

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