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 genetic testing instrument maker Affymetrix, Inc. (UNKNOWN:AFFX.DL) climbed 14% today after its quarterly results topped Wall Street expectations.

So what: The stock was crushed last month on concerns over rapidly slowing growth, but today's second-quarter results -- adjusted EPS of $0.04 on a revenue jump of 20% -- are quickly putting those worries to rest. The top line was fueled largely by its acquisition of eBioscience last year, along with healthy demand in North America and Europe, giving analysts plenty of good vibes over the company's turnaround prospects going forward.  

Now what: Affymetrix's financial picture is certainly trending in the right direction.

"Since June of last year we have reduced our senior-secured debt by nearly 25%," said CFO GavinWood. "We exited the quarter with $44 million in cash-on-hand."

So while Affymetrix's consistent losses and still-heavy debt load continue to make the stock a rather speculative pick, its fundamentals seem to be improving enough to put it on your watchlist.