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 bulk storage specialist Quantum (NYSE: QTM) are bulking up today, rising as much as 10.7% on above-average trading volume.

So what: Quantum's fourth-quarter report met analysts' earnings estimates on somewhat disappointing revenue, and management pointed to more of the same in the next quarter. The good news comes from the full-year 2012 guidance, where management sees a return to revenue growth after four straight years of shrinking sales.

Now what: This pop brought Quantum's one-year returns to a respectable yet market-lagging 13%. In a red-hot year for storage systems that saw EMC (NYSE: EMC) shares gaining more than 50% and Dot Hill Systems (Nasdaq: HILL) more than doubling, Quantum stayed cheap. Don't let the sky-high P/E ratio fool you here because the company is just barely profitable on a GAAP basis -- Quantum shares are much more affordable than value paragon EMC's if you look at forward estimates or enterprise value to EBITDA ratios instead.

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