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 transportation equipment specialist Wabash National (NYSE: WNC) experienced a short-lived double-digit pop in intraday trading Wednesday after posting better-than-expected quarterly results.

So what: Driven largely by continued cost-cutting efforts, Wabash managed to post a fourth-quarter profit of $0.07 per share, while analysts, on average, were expecting just $0.01 per share. The stock flew 11% out of the gate this morning on those market-topping results, but, unfortunately for Wabash bulls, the stock has been retreating steadily ever since.

Now what: I wouldn't be so quick to pounce on Wabash at this point. While the shares are now basically flat on the day, they're still up about 30% over the past three months and trade at a lofty price-to-book of more than six. With net debt of about $34 million, Fools might do well to wait for a much larger margin of safety before buying into Wabash.

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

Fool contributor Brian Pacampara owns no position in any of the companies mentioned. Try any of our Foolish newsletter services free for 30 days.

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