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 industry service provider Baker Hughes (NYSE:BHI) jumped as much as 10.7% today after the company's earnings release.

So what: Revenue jumped 8% to $5.79 billion in the third quarter and net income rose 22% to $341 million, or $0.77 per share. After adjusting for one-time charges the company made $0.81 per share, which was $0.03 ahead of estimates, which is often the biggest driver of earnings related stock bounces.  

Now what: It wasn't U.S. onshore demand that drove earnings, although growing shale drilling garners a lot of attention from investors. It was actually the Middle East and Asia that showed strong demand, even as U.S. onshore rig count dropped 9% from a year ago. The oil industry is demanding more complex technology to complete more difficult wells and that's helping drive Baker Hughes. With a forward P/E ratio of 13.6 I think the stock is a great value for a investors looking for energy exposure without the risk explorers have to take on specific wells.

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.