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 RigNet (NASDAQ:RNET) jumped 10% briefly this morning before shares fell to around flat for the day.

So what: The pop was caused by earnings, which showed a 21.1% jump in revenue to $59.7 million and earnings of $5.4 million, or $0.30 per share. Analysts were only expecting $57.8 million in revenue and $0.26 per share in earnings, so the company easily beat estimates.  

Now what: The offshore rig communications business was the big driver of earnings, and continued growth offshore should help drive future results. I will point out that income tax expense was more than $1 million lower than last quarter, which drove a lot of the sequential improvement and may be volatile quarter to quarter. While I think this was a good quarter, shares are expensive at 28 times forward earnings and that will keep me from being a buyer today.

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.