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 JDS Uniphase (Nasdaq: JDSU) are feeling the love today, and are currently sitting on 10% gains after a strong performance on both top and bottom lines beat Wall Street's expectations. Those expectations were rather low, coming in well below year-ago quarterly results. Revenue guidance for the current quarter (which ends in September) was set in the $415 million-$435 million range, with the midline of that guidance roughly in line with analyst expectations.

So what: Analysts were expecting $423 million in revenue and $0.12 in EPS. The company's adjusted earnings of $0.15 per share, on $439 million in revenue, were more than enough to spark some market optimism. Guidance, while not particularly inspiring, may have at least reassured skittish investors that there aren't yet any fires on the horizon.

Now what: Although adjusted earnings were solid, JDS Uniphase's GAAP results were a bit less than impressive. The company reported a GAAP loss of $0.10 per share, making this the fourth straight negative quarter on a GAAP basis. Without an update on expected earnings, it's tough to say when this trend will turn around, but forward revenue guidance lower on the high end than this quarter's result doesn't give long-term investors cause for a lot of optimism. This pop might turn out to be short-lived.

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Fool contributor Alex Planes holds no financial position in any company mentioned here. Add him on Google+ or follow him on Twitter @TMFBiggles for more news and insights. The Motley Fool has a disclosure policy. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. Try any of our Foolish newsletter services free for 30 days.