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 chip maker Silicon Motion Technology (Nasdaq: SIMO) rose 21% today after the company released second-quarter earnings.

So what: Revenue rose 38% from last year to $69.7 million, and earnings per share of $0.42 were a penny above expectations. The company also said that revenue would be up 5% to 8% in the third quarter, which is above current estimates.

Now what: The market seems to be focusing on the company's slightly better outlook for the third quarter today. The earnings report was good, but considering the way Silicon Motion has been beating estimates over the past year, it wasn't all that surprising. But even after today's jump, shares are trading at just 8.5 times forward earnings, a great price considering the company's growth momentum. I think that can keep pushing shares higher.

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Fool contributor Travis Hoium does not have a position in any company mentioned. You can follow Travis on Twitter at @FlushDrawFool, check out his personal stock holdings or follow his CAPS picks at TMFFlushDraw.

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