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 technology company Newport (Nasdaq: NEWP) rose as much as 17% in early trading after the company released earnings.

So what: Revenue actually fell short of estimates, growing 18% to $153.7 million, but analysts expected $157.7 million. But investors are overlooking that miss and focusing on the bottom line where earnings per share of $0.24 were $0.06 ahead of estimates.

Now what: Sales were up year over year, but SG&A expenses ate up the additional profit that came, accounting for the fall in earnings from last year. The earnings beat was encouraging but I would like to see better margins and earnings headed up instead of down before buying. A forward earnings multiple of 9.2 isn't terribly expensive so, with some improvements in operations, this company could become a good buy.

Interested in more info on Newport? Add it to your watchlist by clicking here.