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 investment bank Piper Jaffray (NYSE: PJC) jumped 14% today after the company released earnings.

So what: Earnings per share actually fell to $0.49 from $0.63 a year ago, but if we exclude a one-time charge, they would have been $0.97. Piper Jaffray benefited from its strategy of trading bonds quickly instead of holding an inventory like many other bond-trading banks do.

Now what: Analysts' estimates of $0.48 per share, excluding one-time charges, proved to be an easy bar for Piper to hurdle this quarter. But strong trading revenue isn't something investors should count on every quarter, so I'm a little cautious of today's move. I would like to see a pullback after the excitement of earnings dies down before jumping in and buying shares.

Interested in more info on Piper Jaffray? Add it to your watchlist.

Fool contributor Travis Hoium does not have a position in any company mentioned. You can follow Travis on Twitter at @FlushDrawFool, check out his personal stock holdings or follow his CAPS picks at TMFFlushDraw.

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