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 enterprise software designer Compuware (Nasdaq: CPWR) are soaring as high as 17.6% above last night's closing price, exploring brand-new multiyear highs in the process.

So what: Last night's earnings report was full of good news that helped Compuware beat expectations on both the top and bottom lines. Application development tools and related products for IBM (NYSE: IBM) mainframe systems saw strong contract renewals while non-mainframe application monitoring tools provided a nice growth boost.

Now what: With one foot in the traditional (some would say legacy) part of the IT sector and the other in more forward-looking technologies, Compuware provides a tasty blend of stability and growth. Still, Compuware's margins are thinner than those of close rivals IBM, BMC Software (NYSE: BMC), and CA Technologies (NYSE: CA), and that dilemma is not ameliorated by any convincing margin growth. There's a reason why The Fool owns shares of Big Blue but not of Compuware.

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Fool contributor Anders Bylund holds no position in any of the companies discussed here. The Fool owns shares of IBM. 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 is investors writing for investors.