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 lab testing services specialist Bio-Reference Laboratories (Nasdaq: BRLI) surged 11% out of today's trading gate after it posted better-than-expected quarterly results.

So what: Driven by a solid 25% increase in revenue, Bio-Reference posted second-quarter earnings of $0.26 per share, versus the average analyst estimate of $0.24 per share. If your initial reaction is that a $0.02 earnings beat doesn't exactly justify a double-digit price rally, Mr. Market has already come around to your way of thinking. Since the opening spike, the shares have quickly sold off and are now up only 2.4% at the time of this writing.

Now what: I'd take this midday price weakness as a tempting buy-in point. Given the strong operating momentum (patients serviced increased 25%, as well) and demographic tailwinds working in its favor, Bio-Reference seems like a good bet to keep delivering solid top- and bottom-line growth in the foreseeable future. More importantly, with a PEG ratio in line with larger rivals LabCorp (NYSE: LH) and Quest Diagnostics (NYSE: DGX), that bet seems like a reasonably priced one.

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