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 business software developer Pegasystems (Nasdaq: PEGA) are doing a decent impression of their namesake today, soaring like a winged horse to overnight gains as lofty as 12.8% amid very heavy trading.

So what: First-quarter results topped analyst expectations, and shares have now nearly doubled since hitting a temporary low in the lower $20s last July. Pick your starting date with care and Pegasystems stands shoulder-to-shoulder with fellow enterprise data handler and market darling TIBCO Software (Nasdaq: TIBX) in terms of satisfying investors lately.

Now what: Pegasystems is betting the boat on cloud computing, very much in the image of larger rival (NYSE: CRM). The company is more hit-and-miss on the bottom line than the competition, largely because of ballooning marketing costs. With an award-winning product line to sell, that's the right way to overspend, and Pegasystems is laying the foundation for an even greater future here.

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