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 diversified machinery maker Robbins & Myers (NYSE: RBN) climbed 13% in early Friday trading, after its quarterly results and full-year outlook topped Wall Street expectations.

So what: Driven largely by strong results from its fluid management segment, Robbins & Myers' net income more than doubled to $14.7 million, $0.44 per share, versus the average analyst estimate of just $0.33 per share. CEO Peter Wallace noted that the company was "benefiting from growth in unconventional drilling" as energy producers continue to invest heavily in shale assets.   

Now what: While those energy-exploration tailwinds also prompted Robbins & Myers to up its full-year profit outlook from $1.45-$1.65 per share to $1.85-2.05 per share, the valuation could be better. With today's double-digit surge, the shares are up more than 80% over the past six months, and they trade at a forward P/E of about 20. Robbins & Myers' solid balance sheet and earnings momentum are certainly attractive, but I'd wait for Mr. Market to relax a little before taking him up on the offer.   

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