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 network infrastructure products specialist QLogic (NASDAQ:QLGC) jumped 16% today after the company's quarterly results topped Wall Street expectations.

So what: QLogic shares have been beaten over the past year on disappointing demand for its Ethernet products, but today's third-quarter beat -- adjusted EPS of $0.20 on revenue of $119.4 million versus the consensus of $0.18 and $117.5 million, respectively -- suggests that things are starting to turn around. While year-over-year numbers did drop, the rate of decline is slowing, forcing analysts to increase their valuation estimates.

Now what: Don't let today's pop keep you from looking into the stock. "We are seeing stabilization in our business and I believe our investments in innovative technologies for new market opportunities position us well to deliver future growth," said CEO Simon Biddiscombe. More important, with the stock still down about 30% from its 52-week highs even after today's spike, there might be a decent amount of room left to buy into that bullishness.

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