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 Precision Castparts (NYSE:PCP) jumped as much as 10% today after the company released earnings.

So what: Revenue jumped 25%, to $2.44 billion, but fell short of the $2.51 billion estimate from Wall Street. Net income was up 23%, to $414.2 million, or $2.82 per share, ahead of the $2.76 per share estimate. 

Now what: The acquisition of Titanium Metals drove revenue growth, with sales up 31%. This looks like a well-timed acquisition that will continue to drive earnings, as aircraft and other products continue to use more titanium. I think the stock's 17 forward P/E ratio is very attractive considering the earnings beat, and shares can move higher from here.

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Fool contributor Travis Hoium has no position in any stocks mentioned. The Motley Fool recommends Precision Castparts. 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.