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 Hollysys Automation Technologies, Ltd. (HOLI 0.77%) jumped more than 10% during Tuesday's intraday trading, then settled to close up around 5% after the company turned in encouraging fiscal second quarter 2014 results.

So what: Quarterly revenue rose 75.9% year-over-year to $153.4 million, which translated to adjusted net income growth of 87.5% to $0.45 per share. By contrast, analysts were only expecting earnings of $0.27 per share on sales of $114.33 million. 

Now what: Going forward, Hollysys management also increased both the top and bottom ends of their fiscal year 2014 revenue guidance by $40 million to $500 million to $530 million. Analysts were only modeling fiscal 2014 revenue of $479.67 million.

In addition, Hollysys increased its 2014 net income guidance to a range of $84 million to $86 million, up from the previous range of $65 million to $69 million. 

As a result -- and putting aside the fact Hollysys has minimal debt and roughly $135 million in cash on its balance sheet -- shares look cheap trading at just 12.7 times this year's expected earnings. Even after today's pop, that's why I think Hollysys should still stand to reward patient long-term investors.