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 Teradyne (NASDAQ:TER) were up 10% as of 11:30 a.m. Friday after the automated test equipment specialist announced solid first-quarter results.

So what: Quarterly revenue climbed 6.7% year over year to $342.4 million, including roughly $271 million in Semiconductor Test, $37 million in System Test, and $34 million in Wireless Test. That translated to adjusted net income of $37.6 million, or $0.17 per diluted share. 

Analysts, on average, were expecting revenue and adjusted net income of $331.5 million and $0.12 per share, respectively.

Now what: In addition, orders for the first quarter grew 48% sequentially to $490 million, causing Teradyne to increase second-quarter production plans to meet customer capacity needs.

Consequently, for the current quarter, Teradyne expects revenue of $470 million to $500 million, with adjusted net income per diluted share of $0.42 to $0.48. Wall Street was anticipating second-quarter revenue of only $443.8 million, and adjusted net income of $0.35 per share.

All things considered, Teradyne stock might not look cheap trading at nearly 54 times trailing-12-month earnings. But it looks much more reasonable looking forward trading at 14.6 times next year's estimates. Those estimates are likely to increase after today's impressive report, so I wouldn't be the least bit surprised if the stock continues to climb from here.