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 analog and mixed-signal semiconductor manufacturer Skyworks Solutions (Nasdaq: SWKS) jumped 10% today following a very strong second-quarter earnings report.

So what: For the quarter, Skyworks reported a 12% rise in sales to $364.7 million, which was ahead of both its own previous guidance of $360 million and also Wall Street's expectations for $361 million. Non-GAAP profits also exceeded estimates, coming in at $0.42 versus the $0.40 consensus. Looking ahead, Skyworks forecast third-quarter sales of $383 million and a profit of $0.44, which compares to the $381.8 million and $0.45 profit the Street had been looking for.

Now what: Skyworks shareholders should all get a pen and paper and write a letter to Apple (Nasdaq: AAPL), thanking the tech giant for using Skyworks' power amplifier in the iPhone 4S. As go Apple's iPhone sales, so goes Skyworks. With 35 million iPhones being sold last quarter, things are looking very good for Skyworks' immediate future. At just 13 times forward earnings and with a double-digit projected growth rate over the next five years, there's no reason Skyworks can't head higher from here.

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