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 testing equipment maker MTS Systems (Nasdaq: MTSC) jumped 10% today after the company released earnings after the market closed yesterday.

So what: Revenue was up 19% to $105.9 million and analysts were well behind the curve, only expecting $93.9 million. Earnings nearly doubled the $0.44 analysts expected, coming in at a whopping $0.86 per share.

Now what: This was quite the earnings beat, and considering how far estimates were off I am surprised the stock hasn't moved more. The current 18.9 forward price-to-earnings ratio will look much more attractive if analysts up their expectations after being so far off this quarter. This probably won't turn into a rocket stock, but I think MTS has some good upside potential after these great results.

Interested in more info on MTS Systems? 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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