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: Earnings season is upon us, and over at Chart Industries (Nasdaq: GTLS), the cheering is raucous. Shares are up 10% as of this writing (and on a down day for markets, no less).

So what: And yet, a 10% bump in price seems kind of like chicken feed, when you consider that Chart just quintupled the amount of profits it earned in last year's first quarter.

Now what: Then again, maybe a lot of Chart's success was already baked into the stock price. Chart has doubled over the past year, after all, and gained 25% in just the past three months. The stock now sells for more than 53 times trailing earnings -- twice the price of rival Praxair (NYSE: PX). Yet it's expected to grow only a little faster than Praxair -- 16% or so annually over the next five years. Seems a mite bit pricey, especially when you consider that rather than generating cash, Chart actually burned through more than $7 million in negative free cash flow over the past year.

My advice: 10% isn't 500%, but it's better than losing money -- and that's precisely what Chart investors can expect to happen if they buy more at today's prices.

Want to chart the future of Chart Industries? Make it easy on yourself  -- add the stock to your watchlist.

Fool contributor Rich Smith does not own shares of, nor is he short, any company named above. The Motley Fool has a disclosure policy. Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors.