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.

Interested in more info on JDA Software Group? Add it to your watchlist.

Fool contributor Anders Bylund holds no position in any of the companies discussed here. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool is investors writing for investors.