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 online advertiser ValueClick (Nasdaq: VCLK) were clicking way up today, gaining as much as 15% in intraday trading after the company provided an update on its second quarter.

So what: It's not quite earnings season yet, but ValueClick was so excited about its quarter that it wanted to share the good news early. For the quarter ending June 30, the digital marketer now expects that revenue and EBITDA will be at the high end of their previous forecasts. That means that revenue will likely end up closer to the $160 million end of management's expected range, rather than the $157 million midpoint that Wall Street had been banking on.

Now what: But that's not all, folks! ValueClick went even further by saying that it's expanded its share-buyback program by a cool $100 million and that it was given an additional $50 million in credit by its lenders. The former is generally viewed -- often erroneously -- as good news for investors, but it's almost certainly good news if you currently view ValueClick's stock as undervalued. The latter may not seem as noteworthy, but it shows confidence in the company by its lenders and gives the company more financial flexibility.

Want to keep up to date on ValueClick? Add it to your watchlist.