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 Myriad Genetics (Nasdaq: MYGN) shot 12% higher early this morning before falling to a more modest gain of 6% as I am writing.

So what: Third-quarter earnings drove the stock higher today as revenue increased 13% to $102.4 million and earnings per share of $0.31 topped estimates of $0.25. Outlook for the full year is expected to be in the range of $1.06 to $1.09, also beating the $1.02 estimate from analysts.

Now what: Oncology revenue helped drive results, and gross margin hit a very impressive 89.1% in the quarter. Shares are currently trading at 19.2 times forward earnings, but when estimates are revised, higher valuation should become more attractive. I'm cautiously optimistic after this earnings beat, but I would like to see better value or a higher growth rate before jumping into shares.

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