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What: Shares of OmniVision Technologies (Nasdaq: OVTI) shone bright this morning, up by as much as 12%, before giving up most of those gains after the company reported a solid earnings release. More importantly, however, they said that they expected a very strong quarter in the pipeline.

So what: Revenue in the first quarter of its fiscal 2013 came out to $258.1 million, which turned into adjusted non-GAAP net income of $11.6 million, or $0.21 per share, by the time it reached the bottom line. Sales beat estimates, but earnings fell short; but the real news was in second quarter guidance.

Now what: OmniVision expects next quarter to see sales of between $355 million and $390 million. That’s a very solid indication that the company has scored the backside illuminated sensor spot in Apple’s (Nasdaq: AAPL) imminent iPhone 5, grabbing the spot back from Sony (NYSE: SNE), and one that investors can bank on. For context, even the low end of that guidance would be the highest the company has ever posted, by about $79 million.
 

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Fool contributor Evan Niuowns shares of Apple, but he holds no other position in any company mentioned. Click here to see his holdings and a short bio. The Motley Fool owns shares of Apple. Motley Fool newsletter services have recommended buying shares of Apple. Motley Fool newsletter services have recommended creating a bull call spread position in Apple. 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.