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 Himax Technologies (NASDAQ:HIMX) were up by much as 16% in early morning trading -- touching levels not seen since before the financial crisis -- after the company released a strong earnings report last night. However, the premarket release of second-quarter guidance seems to have undone much of the optimism, and shares have slipped to a far more modest 4% gain.

So what: Himax's first-quarter revenue clocked in at $175.7 million, a 5% year-over-year growth rate and ahead of the $173.8 million analysts were expecting. Adjusted earnings of $0.09 per share also beat Wall Street's consensus by $0.02. The company's forward guidance for the second quarter expects revenue to grow between 17% and 20% against the first quarter, translating into a range of $205.6 million to $210.8 million, and EPS of $0.11 to $0.12. It's hard to say exactly why this would reverse a double-digit pop, as the consensus estimates for the second quarter called for $202.6 million in revenue and $0.10 in EPS, both targets that Himax leapt over.

Now what: The market could just be a bit skittish at a multiyear high -- Himax shares have gained over 200% in just the past six months. The company even made the smart move of suspending its share repurchases as prices soared, so roughly half of its $25 million share repurchase allocation remains unused. Himax isn't a cheap stock; both P/E and price-to-free-cash-flow are nudging around a range of 40 to 45, so you may want to simply hold on for the time being (if you've already bought in).

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