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 specialty contractor Dycom Industries (NYSE: DY) fell 10% today after the company released earnings.

So what: Contract revenue rose 17% to $296.1 million, and net income jumped from $1.5 million to $9.6 million, or $0.28 per share. Profit easily passed the $0.21 per share analysts had expected, but shares dropped nonetheless.

Now what: The company has now outperformed estimates in the last four quarters by a wide margin, and the stock is starting to enter value territory. It is trading at 14 times fiscal 2013 earnings, and analysts are expecting 10% growth in 2013, so that's a reasonable multiple. I think this is a great time to enter the stock, and if the company can keep up its growth, it will outperform the market.

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