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 wireless chip specialist Spreadtrum Communications (Nasdaq: SPRD) have jumped by upward of 22% today after the company reported first-quarter earnings with profits much better than expected.

So what: Revenue in the quarter jumped 17.5% to $161.1 million, with non-GAAP net income of $29.3 million, or $0.57 per share. The Street would have been satisfied with just $0.39 per share in profit. The company said it scored more than 200 design wins in Google Android smartphones.

Now what: Guidance was also upbeat, with Spreadtrum expecting second-quarter sales to be between $170 million and $175 million, also topping the consensus estimate of $165.5 million. Gross margin next quarter should be roughly 37%. Canaccord Genuity is reiterating its "buy" rating and boosting its price target to $21, saying a larger mix of smartphones should boost results.

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