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 Cray (NASDAQ:CRAY) went crazy today, or cray cray, up by 20% at the high, after the company reported earnings.

So what: Revenue in the second quarter came in at $84.5 million, easily beating the Street's best guess of $79.8 million up top. The supercomputer maker posted an adjusted net loss of $0.19 per share, slightly better than the $0.20 per share loss that investors thought was incoming.

Now what: Cray's sales pipeline is strong, and the company raised its full-year outlook as a result. Revenue in 2013 should be approximately $520 million, and Cray expects to be profitable on a GAAP and non-GAAP basis for the year. Investors were only expecting $500 million in sales this year, and are pleasantly surprised by the rosy outlook.

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

Fool contributor Evan Niu, CFA has no position in any stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.