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 farm equipment manufacturer CNH Global (NYSE: CNH) climbed 12% on Monday after its quarterly results and full-year revenue outlook topped Wall Street expectations.

So what: For the second-quarter, CNH posted earnings of $1.33 per share, versus the average analyst estimate of just $0.99 per share, as higher crop prices drove farmers to invest in equipment. Naturally, CNH's results bode well for the upcoming earnings of rivals Deere (NYSE: DE) and AGCO (NYSE: AGCO), both shares of which are also up nicely today.

Now what: Don't let this rally you from looking into CNH. Management also raised its full-year revenue growth outlook from 10% to between 15% and 20%, suggesting that the company is continuing to make steady market share strides in North America. More importantly, with the stock still off about 20% over the past six months, and trading at a forward P/E of 12, you won't have to pay a whole for that operating momentum.

Interested in more info on CNH? 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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