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 medical device builder Boston Scientific (NYSE: BSX) look healthy and hale today, rising as high as 12.5% amid torrential trading action.

So what: Second-quarter non-GAAP earnings of $0.17 per share were 42% above the year-ago quarter and above management guidance for the period, helped by new product introductions and a strong performance by the neuromodulation division. The company also extended its share buyback program by a cool $1 billion and started to pay back some of its more than $4 billion in long-term debt out of strong cash flows.

Now what: Foolish health care champion Brian Orelli recently called Boston Scientific a "show-me company," and I think the company is showing us plenty right now. Though swooning a bit over the last three months, the stock has outperformed the market as well as close rivals Johnson & Johnson (NYSE: JNJ) and Medtronic (NYSE: MDT) over the past year, though the gap to J&J largely disappears if you reinvest that company's generous dividends. Is this recently demoted two-star CAPS stock (out of five) getting a bad rap? I think Boston Scientific deserves better.

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