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 Fluor (NYSE: FLR) rose 10% briefly today, after the company released earnings and backlog data.

So what: Earnings per share were $0.78, beating estimates by two cents, and management reiterated full-year guidance. But backlog is the big news, rising 7% to $37.2 billion to end the quarter.

Now what: A $3.1 billion award helped push the backlog higher, and mining is making up a growing share of the company's work. But results weren't strong enough to have me jumping in the streets today. I'd like to see a better valuation before jumping in, because the company's 30 P/E ratio is a little too expensive for me.

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