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 First Solar (Nasdaq: FSLR) rose 21% today after the company beat earnings estimates and upped full-year guidance.

So what: Second-quarter revenue came in at $957 million, topping estimates of $822 million. Earnings per share were $1.27, above the $0.92 market analysts expected.

For the full year, the company said revenue would be $3.6 billion-$3.9 billion, while earnings per share would be $4.00-$4.50. Both were above the company's previous estimates.

Now what: First Solar has been focusing on system sales in more sustainable markets, and this quarter the move is paying off. The company recognized revenue from some major projects in the Southwestern U.S. and signed deals in India and Australia. Right now the company's increased efficiency and systems business are helping results, and with an earnings multiple of 4.5, at the current price I think shares can move higher.

For a more detailed look at the company, check out our in-depth analyst report found here.

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