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 equipment maker Dresser-Rand Group (NYSE: DRC) jumped as much as 13% today after the company announced a share buyback.

So what: The company will repurchase up to $150 million of stock that it expects to be completed by Wednesday, an unusually short buyback period. Management cited the company’s decline in share price, strong balance sheet, and expected strong bookings in the second half of the year for the confidence to buy shares.

Now what: The buyback will reduce shares outstanding by approximately 5% once it is complete. While management fell short of increasing guidance their statement indicated a strong belief the company might win some large projects in the second half of the year that could drive earnings higher than expected. I don’t see anything but bullish signals today but might wait for a little pullback before jumping into shares at the high point.

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