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 software maker JDA Software Group (Nasdaq: JDAS) are soaring as much as 16% over last night's closing price on very heavy trading.

So what: The company, which specializes in software for managing supply chains and merchandising programs, just reported a tremendous first quarter. Earnings of $0.45 per share landed a penny ahead of analyst expectations, while sales came in about 4% above Street targets.

Now what: JDA's shares have gained a market-crushing 49% over the last six months, if you start measuring just before another top-notch performance in last year's third quarter. But that's only half the picture: At that point, JDA had swooned a decidedly unimpressive 25% in the previous half-year, and all of this adds up to a middling 11% full-year return. Smaller competitor Manhattan Associates (Nasdaq: MANH) is outperforming JDA in the market, even though JDA has the stronger margins and faster growth of the two. Even after today's jump, you might be looking at a buy-in opportunity here.

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