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 energy and environmental consultant ICF International (NASDAQ:ICFI) jumped 21% today after the company announced earnings and an acquisition.

So what: Fourth-quarter revenue was down 1% to $229.8 million and net income fell 16% to $7.8 million, or $0.38 per share. The other big news was the acquisition of CITYTECH, which has annual revenue of about $16 million.  

Now what: The fourth quarter was a little lighter than expected but the acquisitions will help growth in 2014 and management expects to exceed $1 billion in revenue and $100 million in EBITDA. Earnings are expected to be between $2.27 and $2.37 per share, which puts the stock at 18 times the top end of forward estimates. That's a steep price for the level of growth ICF is expected to have, and it will keep me from being a buyer today.

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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.

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