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 filtration equipment specialist Pall (NYSE: PLL) climbed 10% on Friday after its first-quarter results topped Wall Street expectations.

So what: Restructuring charges weighed on Pall's bottom line, but solid sales -- top-line jumped 16.5% to $705.6 million -- show that the company continues to grow despite the weak economy. In fact, the quarter marks the fifth-straight in which Pall has posted double-digit revenue growth. 

Now what: Expect the momentum to continue in the short term. "We are encouraged by the strength of orders in the quarter, an indication of continued growth in a mixed environment," CEO Larry Kingsley said. Of course, with a historically much higher cost structure than gorilla rivals like General Electric (NYSE: GE) and 3M (NYSE: MMM), Pall's long-term appeal remains less than ideal.

Interested in more info on Pall? Add it to your watchlist.