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 telecommunications contractor Dycom Industries (NYSE: DY) climbed 10% on Thursday after its quarterly results topped Wall Street expectations.

So what: Thanks in large part to an 8.9% increase in contract revenue, the company posted an adjusted third-quarter profit of $0.10 per share, versus the average analyst estimate of just $0.05 per share. Dycom was hit particularly hard during the downturn as customers slashed spending, but steadily rebounding demand has fueled year-over-year top-line growth in recent quarters.

Now what: Don't let today's double-digit pop keep you from looking into Dycom. Along with the market-topping results, the company announced plans to repurchase up to $20 million worth of shares over the next year and a half. When you consider that Dycom still trades at price-to-sales discount to rivals Quanta Services (NYSE: PWR) and MYR Group (Nasdaq: MYRG) and remains down about 50% from its five-year highs, following management's lead might not be such a bad idea.

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

Fool contributor Brian Pacampara owns no position in any of the companies mentioned. Try any of our Foolish newsletter services free for 30 days.

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