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: DryShips (Nasdaq: DRYS) shares sailed 10% higher today, after the company released earnings.

So what: Revenue was up slightly to $225.5 million in the third quarter, but net income shot up 57% to $49.3 million, or $0.18 per share. CEO George Economou credited the company's move into deepwater drilling for the increased profitability.

Now what: As economic activity picks up, dry bulk carriers like DryShips will benefit, and higher oil prices are only driving demand for the company's new deepwater drilling rigs. We know that many a Fool thinks the CEO less than honest, but at least for the day, the market has forgotten his troubles. I may be brave enough to throw a few silver coins at DryShips, given the profitability of deepwater drilling, but be careful jumping aboard with both feet. The captain may just throw you overboard.

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