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.