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 TTM Technologies (NASDAQ:TTMI) are up by 10% this afternoon in response to the printed circuit board specialist's better-than-expected earnings report, which was released after yesterday's closing bell.

So what: TTM's fourth-quarter revenue of $390.9 million produced adjusted earnings of $0.28  per share, and both results topped Wall Street's expectations of $380 million in revenue and $0.25 in adjusted EPS. These results represent an improvement of 7% and 4% over TTM's year-ago top- and bottom-line results, respectively. The company now expects to produce adjusted EPS in a $0.06 to $0.12 range on revenue ranging from $310 million to $330 million for the first quarter of 2015. The midpoint of TTM's top-line guidance is better than Wall Street's expectation of $313.1 million in first-quarter revenue, but its EPS guidance range merely hits Wall Street's $0.09 consensus at its midpoint.

Now what: Today's pop merely brings TTM investors back to even for the past year after shares clawed their way out of a 25% hole late last year. However, TTM's estimates represent solid improvements over its 2014  first quarter, which produced revenue of $291.9 million and adjusted EPS of merely $0.01. TTM's adjusted valuation is also rather reasonable, even after today's report, as its full-year adjusted EPS of $0.47 results in an adjusted P/E ratio of just 16.6, which is less than a third the size of its hefty GAAP P/E of 56. You shouldn't rely on adjusted financial results to make your investing decisions, but TTM's earnings and guidance seem to make its shares worth a closer look.