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 MagnaChip Semiconductor (NYSE:MX) have soared 16% today after the company trounced analyst expectations with its second-quarter earnings report yesterday afternoon.

So what: MagnaChip reported revenue of $215.3 million for the second quarter, a 6% year-over-year increase and slightly ahead of the $214.9 million consensus. However, it was adjusted earnings of $0.71 per share that got investors really excited -- that result was $0.12 better than Wall Street's expectations of $0.59 per share. On the other hand, third-quarter revenue guidance of $215 million to $225 million undercuts the Street's $229.3 million estimate. At the same time, MagnaChip has authorized a $100 million share buyback, which is good for about 14% of the current float at the company's present post-pop market cap.

Despite the underwhelming guidance, two analysts boosted their expectations -- Susquehanna's Mehdi Hosseini raised his price target to $25 per share while also raising his rating to buy, and Needham's Rajvindra Gill pushed his price target to $28 per share.

Now what: MagnaChip has a ridiculously low P/E at the moment, but that was driven by a hefty fourth-quarter result. The company's price-to-free-cash-flow ratio, however, is still well within reasonable territory, as it was just under 15 using trailing-12-month results that don't yet account for the current quarter. MagnaChip's stock has already doubled in the past year, but it's not as if it's in nosebleed territory yet. As long as the company doesn't stumble in its pursuit of the higher price targets that yesterday's earnings beat created, it should have a fair bit of growth left in its future.

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