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 instrument manufacturer Waters Corp. (NYSE: WAT) jumped 10% today after the company released earnings.

So what: Revenue increased 16% to $427.6 million, beating estimates of $404 million. Earnings per share also topped analyst estimates at $1.04, nine cents higher than the $0.95 consensus estimate.

Now what: Pharmaceutical markets and growth in Asia helped the company top estimates this quarter. The stock still trades at 23 times trailing-12-month earnings, so unless the company can keep topping estimates handily the stock isn't terribly cheap. I'd like to see a pullback in shares before jumping in, but it's positive to see Waters' end markets improving and results coming in considerably higher than expected.

Interested in more info on Waters Corp.? 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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