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 content management company Open Text (Nasdaq: OTEX) jumped 13% today after the company released earnings and announced an acquisition.

So what: Adjusted net income jumped 41% to $1.21 per share, easily surpassing Wall Street's expectation of $1.07 per share. The company also announced it was acquiring Metastorm, a Baltimore-based provider of business process solutions, for $182 million in cash.

Now what: Open Text's cash balance had ballooned to $340.8 million at the end of 2010, so the deal for Metastorm is easily managable. Even before these outstanding results or the acquisition were announced, Open Text traded at a tasty 13.4 forward price/earnings ratio, so as analysts raise estimates that number should improve. Considering the new source of growth and reasonable valuation, I think this Motley Fool Rule Breakers pick has more room to run.

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