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What: Shares of networking equipment maker QLogic (Nasdaq: QLGC) popped up 12% briefly this morning before giving back most of its gains and is now just 3% higher, after reporting earnings yesterday.

So what: QLogic scored $152.7 million in sales, which turned into a profit of $0.36 per share. Both results came in better than expected, with the market looking for $150.3 million in revenue and a $0.34 per share profit.

Now what: Revenue ticked down slightly compared to last year, while the bottom line shrank by 32%. CEO Simon Biddiscombe was still "very pleased" overall, particularly with QLogic's "host products" segment. The company has just entered into a definitive agreement to sell the assets associated with its Infiniband business, which will let it focus on its core businesses and growth opportunities within data centers.

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Fool contributor Evan Niu holds no position in any company mentioned. Click here to see his holdings and a short bio. Try any of our Foolish newsletter services free for 30 days. 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.