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 data management software specialist Splunk (Nasdaq: SPLK) soared 18% today after its quarterly results and guidance impressed Wall Street.

So what: Splunk's second-quarter loss widened, but a big beat on the top line -- revenue surged 71% to $44.5 million versus the consensus of $39.8 million -- coupled with upbeat guidance for the full year eases recent concerns over its exposure to slowing tech spending. In fact, the company added a whopping 400 new customers during the quarter, reigniting plenty of optimism about its growth prospects going forward.

Now what: Management now sees full-year revenue of $183 million-$186 million, up nicely from its prior view of $174 million-$177 million, and expects operating margins to improve as well. "Overall, we're pleased with our Q2 results, product developments, and increased customer base," CFO David Conte said in a conference call. "We're looking forward to continuing to add the best field reps available and expanding our platform breadth and capabilities." Given Splunk's still-speculative nature, however, I'd remain cautious about buying into that bullishness.

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