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 cargo company Forward Air (Nasdaq: FWRD) were flying 10% higher today after the company released earnings.

So what: Earnings per share of $0.41 beat the $0.37 analysts expected as improvements in the macroenvironment helped drive revenue 13% higher. The company expects first-quarter earnings to be $0.20 to $0.24 per share, in line with estimates.

Now what: As the economy improves, Forward Air's market should continue solid performance going forward. I am not terribly excited about the company's 23.8 forward P/E ratio, but if results continue to be strong, it may be worth it. I'm cautiously optimistic going forward but would like to see a little more attractive valuation before buying shares today.

Interested in more info on Forward Air? 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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