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 Ebix (NASDAQ:EBIX) have popped today by as much as 12% after the company reported earnings.

So what: Revenue in the fourth quarter was $54 million, slightly short of the $54.3 million consensus estimate. Investors were optimistic about the earnings per share of $0.48, which was ahead of the $0.45 per share that analysts were modeling for.

Now what: CEO Robin Raina said the company delivered during what's been one of the most challenging years for the broader industry in 10 years. Ebix generated $72.3 million in operating cash flow during 2012. Shares have been volatile lately amid a short attack questioning the company's accounting. An earnings beat like this one is bound to give bulls some courage.

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Fool contributor Evan Niu, CFA, has no position in any stocks mentioned. The Motley Fool recommends Ebix. The Motley Fool owns shares of Ebix. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.