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 wireless chip maker Skyworks Solutions (NASDAQ:SWKS) climbed as high as 11% today after its quarterly earnings and outlook topped Wall Street expectations.

So what: The stock has slumped over the past year on slowing revenue growth, but today's third-quarter profit beat -- adjusted EPS of $0.54 versus the consensus of $0.53 -- coupled with upbeat guidance for the current quarter, suggests that things are turning. While 12% revenue growth for the quarter was in line with estimates, better-than-expected gross and operating margins are giving investors some good feelings over Skyworks' competitive position going forward.

Now what: Management now sees fourth-quarter adjusted EPS of $0.62 on revenue of roughly $475 million, with gross margins in the range of 44% to 44.5%. "Our system-level innovations and scale advantages are translating into accelerating top line growth, margin expansion and, most importantly, returns well in excess of our cost of capital," said CEO David Aldrich. "Accordingly, Skyworks is well positioned to capitalize on the Internet of Things tsunami and to outpace the broader analog semiconductor market while increasing shareholder value." More important, with the stock still off about 20% from its 52-week highs, and trading at a forward P/E of 10, there should be plenty of upside left to buy into that bullishness.