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.

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