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 laser and ink-jet printing specialist Lexmark International (NYSE: LXK) are rallying 11% today after the company reported better-than-expected fourth-quarter results.

So what: Lexmark reported fourth-quarter earnings of $1.29, which handily beat analyst expectations of $1.12, while revenue came in ever so slightly below expectations -- $1.10 billion versus $1.104 billion. Investors seem to be willing to overlook a minor revenue miss on the back of an 11% jump in laser printer sales and cash flow generation of more than $500 million over the past year. Lexmark also supplied first-quarter guidance that fit into the upper end of current analyst forecasts.

Now what: Lexmark seems to resurrect its image every few quarters, and that appears to be what's going on today. The bullishness here really stems from whether Lexmark could be taking laser printing market share from Hewlett-Packard (NYSE: HPQ) and Xerox (NYSE: XRX). In either case, Lexmark's future is anything but certain, and that's the main reason it trades at a single-digit price-to-earnings ratio. Technology is moving progressively toward digital imaging and away from much of Lexmark's product line, so it has a lot of adapting left to do. I highly doubt we've seen the last of these quarterly earnings gyrations from Lexmark.

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Fool contributor Sean Williams does not own shares in any companies mentioned in this article. You can follow him on CAPS under the screen name TMFUltraLong.

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