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: Jackson Hewitt Tax Services (NYSE: JTX) shares popped more than 7% today. The company's shares currently trade just over the $1-per-share mark, so small movements result in big percentage changes.  

So what: No market moving news has been released by the tax preparer today, and the company's next quarterly earnings release is a few weeks away. Last month, Jackson Hewitt competitor H&R Block (NYSE: HRB) announced that it may not be able to provide consumers tax refund loans as it has in years past because of a disagreement with HSBC (NYSE: HBC), which underwrites the loans for the company. Jackson Hewitt could benefit from its competitor's difficulties during tax season, providing the debt-heavy company a needed boost. 

Now what: Watch for news related to the company's future prospects in the coming days. News on the company's ability to offer tax refund loans, the status of its NYSE listing, and its earnings outlook could all move the stock.

Interested in more info on Jackson Hewitt? Add it to your watchlist by clicking here.

Fool contributor April Taylor does not own shares of the companies 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.