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 Delta Air Lines (NYSE:DAL) rose 10.5% today after the company released earnings.

So what: First-quarter revenue rose 1% to $8.5 billion and met expectations from Wall Street. The company posted earnings of $7 million, or $0.01 per share, but when adjusted for one-time items the profit was $0.10 per share, four cents ahead of estimates.  

Now what: Investors were concerned that sequester cuts would eat into revenue, but the impact hasn't been very meaningful. Delta isn't terribly bullish on the next few months because of uncertainty, but leisure traffic appears to be strong, and that will drive results for the rest of 2012. I'm just not impressed enough with a $0.10-per-share profit to buy today, and I'll be looking for more revenue growth before getting bullish.

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Fool contributor Travis Hoium and The Motley Fool have no position in any of the stocks mentioned. Try any of our Foolish newsletter services free for 30 days. We Fools don't 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.