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.

Interested in more info on Fluor? Add it to your watchlist.

Fool contributor Travis Hoium has no position in any company mentioned. You can follow Travis on Twitter at @FlushDrawFool, check out his personal stock holdings or follow his CAPS picks at TMFFlushDraw.

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