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 PC peripherals specialist Logitech International (NASDAQ:LOGI) popped 12% today after its quarterly results and outlook topped Wall Street expectations.

So what: The stock has soared in recent months on optimism over its turnaround prospects, and today's wide Q2 beat -- EPS of $0.20 versus the consensus of $0.06 -- coupled with upbeat guidance only reinforces that positive sentiment. While sales for the quarter fell 3% over the year-ago period to $531.97 million, it was still much better than Wall Street had expected, suggesting that Logitech's new product launches are rapidly gaining traction.

Now what: Management now sees full-year operating income of $100 million -- up $13 million from its prior view -- on revenue of about $2 billion. "We're making progress toward building a faster and more profitable Logitech," said CEO Bracken Darrell in a statement. "Athough we have more work in front of us, I am confident that we are on track with our turnaround strategy." With the stock now up 60% from its 52-week lows and trading at a 20-plus forward P/E, however, much of that progress might already be baked into the valuation.