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 subscriber activation provider Synchronoss Technologies (Nasdaq: SNCR) soared 17% on Thursday after its quarterly results topped Wall Street expectations.

So what: Synchronoss shares were battered in early May after management slashed its full-year-revenue forecast on weak demand, but an impressive second quarter -- adjusted EPS of $0.29 versus the consensus of $0.26 -- is triggering hopes for a near-term turnaround. In fact, revenue soared 22% on rebounding demand for its phone billing technology from major telecom companies, prompting investors to raise their growth expectations on the stock.

Now what: Don't let today's pop keep you from looking into Synchronoss. "We believe it is increasingly clear that consumers will look to carriers for cloud-based content management solutions that can and will co-exist with those of major operating systems vendors," founder and CEO Stephen Waldis said in a statement. "Synchronoss is becoming entrenched as a key enabler of carriers' cloud strategies." More important, with the stock still off about 45% from its 52-week high, there's more than enough room to buy into that bullishness.

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