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 Lam Research Corporation (NASDAQ:LRCX) finished the trading day with an 11% gain after an opening-bell pop that followed the company's strong earnings report and upbeat guidance.

So what: Lam reported  revenue of $1.23 billion -- a 39% year-over-year improvement -- and earnings of $1.26 per share for its fiscal third quarter, which ended in March. Both figures topped analyst expectations, which had sought $1.22 billion in revenue and $1.16 in EPS. Lam also issued guidance for the in-progress fourth quarter: The company expects revenue to fall in the range of $1.235 to $1.245, and EPS to range from $1.14 to $1.28. Both projections topped those of Wall Street, which had modeled $1.16 billion in revenue and $1.09 in EPS.

Now what: Lam has ridden big surges and large multi-quarter drops in its core metrics before, and it appears that the company is going to continue to ride a wave of positive momentum through the end of this fiscal year, at least. The company's P/E is also near its lowest point in over a year despite the strong share-price gains made since the start of 2013. It might be worthwhile to dig further into Lam's growth prospects -- this could be an intriguing play for the rest of the year.

Alex Planes has no position in any stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.