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 Electro Scientific (NASDAQ:ESIO) popped briefly today, up by 11% at the high, after the company reported earnings.

So what: Revenue in the fiscal fourth quarter totaled $39.6 million, which translated into a non-GAAP net loss of $1 million, or $0.03 per share. Both figures came out better than expected, as consensus estimates were calling for $38.1 million in revenue and an adjusted loss of $0.07 per share.

Now what: CEO Nick Konidaris said the company continues to progress along its restructuring and focus on laser microfabrication, which should make Electro Scientific leaner and more focused. The company has received its first orders for a new DiamondBlaze series of glass cutting systems, and total orders during the quarter were $44.1 million. Revenue in the coming quarter is expected to be in the "mid to high" $40 million range. Noble Financial has upgraded shares from "hold" to "buy" with a $15 price target.

Interested in more info on Electro Scientific? Add it to your watchlist by clicking here.