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 optical networking and network testing expert JDS Uniphase (Nasdaq: JDSU) dazzled investors today, jumping as much as 11.1% on above-average trading volume.

So what: The first quarter of fiscal year 2012 was so strong that investors overlooked meek guidance due to flood damage around JDSU's operations in Thailand. Business was especially strong in commercial lasers and testing equipment.

Now what: JDSU's muscular performance also lifted optical peers such as Finisar (Nasdaq: FNSR), Oplink (Nasdaq: OPLK), and Oclaro (Nasdaq: OCLR) by 5% or more. Before jumping for joy, remember that what's good for the goose isn't always great for the optical gander -- one or more of the peripheral gains today could very well be erased by the companies' own reports. It's a highly fragmented and cutthroat market, and it's every laser-flasher for himself out there. Learn more about networking stocks in this free report.

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