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 flash-memory chip specialist SanDisk Corporation (UNKNOWN:SNDK.DL) popped 10% today after its quarterly results and outlook topped Wall Street expectations.

So what: The stock had pulled back over the past few weeks on valuation concerns, but yesterday's Q1 results -- earnings soared 62% on a revenue increase of 13% -- and upbeat outlook are quickly easing those worries. In fact, solid-state drive sales -- accounting for about 30% of its business -- spiked 61% over the year-ago period while gross margin expanded to a record 49.7%, giving analysts plenty of good vibes over its product positioning going forward.

Now what: Management now sees current-quarter revenue of $1.550 billion-$1.625 billion, versus the average analyst estimate of $1.583 billion. "We are excited by the momentum we are building in our business as we continue to execute on our growth initiatives," said Sanjay Mehrotra. More importantly, with SanDisk still sporting a solid balance sheet and reasonable PEG of around 1, the downside might be limited enough to bet those prospects.