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 Chinese Internet and mobile security products specialist Qihoo 360 Technology (UNKNOWN:QIHU.DL) surged 10% today after its quarterly results and guidance topped Wall Street expectations.

So what: The stock has skyrocketed over the past year on breakneck growth, and today's Q2 results -- income surged 372% on a revenue jump of 108% -- coupled with upbeat Q3 guidance suggest that the momentum isn't slowing. In fact, average daily unique visitors to the 360 Personalized Start-up Page climbed 37% while operating margins jumped from 13.6% in the year-ago period to 24.1%, giving analysts plenty of good vibes over Qihoo's competitive position going forward.  

Now what: Management now sees current-quarter revenue of $181 million to $183 million, well ahead of Wall Street's estimate of $162.4 million. "Through continued product improvement and technology innovation, we believe we are in an excellent position to capture significant share of the search market and help reshape the competitive landscape of this vast industry in China," said Chairman and CEO Hongyi Zhou. "As we continue to execute our business plan and strategy, we believe that search and mobile monetization will drive substantial long-term growth for our business." Of course, with the stock now up a staggering 300% over its 52-week lows and trading at a forward P/E of about 50, much of that growth might already be baked well into the price.