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 Advanced Energy Industries (Nasdaq: AEIS) popped 15% in intraday trading today after the company walloped earnings expectations and announced a large contract award.

So what: First-quarter EPS of $0.43 almost tripled from the year-ago quarter and came in well ahead of the consensus estimate of $0.35. Sales almost doubled from the year-ago quarter to $138 million.

Now what: Bookings of $184 million more than doubled from the year-ago quarter's $83 million, which bodes well for the revenue outlook. Another positive for the outlook was the announcement that the company was awarded a contract, which should run from mid-2011 through 2013, for one of the largest photovoltaic solar installations in the U.S. At a P/E ratio of 8.5 times, this stock appears attractively priced.

Interested in more info on Advanced Energy Industries? Add it to your watchlist by clicking here.

Fool contributor Cindy Johnson does not own shares of any company named above. 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 has a disclosure policy.