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 packaged-food company Diamond Foods (Nasdaq: DMND) surged 12% on Friday after its fourth-quarter results and full-year outlook topped Wall Street expectations.

So what: Diamond has been on an acquisition spree in recent years to broaden its lineup of snacks, and yesterday evening's earnings beat -- $0.52 per share versus the consensus of $0.44 -- is yet another sign that the strategy is paying off. In fact, the shares are hitting a new 52-week high on the news and have now more than doubled over the past year.

Now what: Expect even more growth to come. Thanks to its $1.5 billion purchase of the Pringles brand from Procter & Gamble (NYSE: PG) (expected to close in December), Diamond stands to triple the size of its business and become the world's largest snack company behind only PepsiCo (NYSE: PEP). With management issuing market-topping full-year guidance as well, Diamond's share price momentum seems like a good bet to continue.

Interested in more info on Diamond? Add it to your watchlist.

Fool contributor Brian Pacampara owns no position in any of the companies mentioned. The Motley Fool owns shares of PepsiCo. Motley Fool newsletter services have recommended buying shares of PepsiCo and Procter & Gamble. Motley Fool newsletter services have recommended creating a diagonal call position in PepsiCo. Try any of our Foolish newsletter services free for 30 days.

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