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 oil and gas service company Core Laboratories (NYSE: CLB) jumped as much as 10% today after the company released first quarter earnings.

So what: Revenue rose 11.4% in the quarter, to $260.9 million, and net income was up 4.8% from a year ago to $56.5 million, or $1.22 per share. Analysts expected revenue of $245.0 million and earnings of $1.15 per share, so the results easily passed Wall Street's view. 

Now what: The reservoir management segment was the most impressive, with revenue up 32%, and operating income rising 24%. Oil and gas are becoming harder to find and harder to evaluate, so the services that Core Labs provides are crucial to the industry. Shares are now trading at 23 times forward earnings, not a steal given the company's growth level, but I still think shares can move higher after another positive quarter.

Interested in more info on Core Laboratories? Add it to your watchlist by clicking here.

Fool contributor Travis Hoium has no position in any stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. 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.