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 financial and operating consulting company Huron Consulting Group (Nasdaq: HURN) vaulted as much as 13% higher earlier in today's trading session following the company's better-than-expected second-quarter results before paring down half of their gains.

So what: Cost-cutting and expense controls led Huron Consulting to a much better quarterly profit than Wall Street had anticipated. Huron reported a quarterly profit of $0.44 on a 17% jump in revenue to $159 million. This compares to consensus estimates of $0.38 on revenue of $149.4 million. The company also narrowed its full-year revenue and earnings guidance to $600 million to $620 million in revenue with GAAP earnings of $1.60 to $1.75 per share. Both of these figures come in slightly ahead of what Wall Street analysts had been expecting.

Now what: Huron and its peers FTI Consulting (NYSE: FCN) and Navigant Consulting (NYSE: NCI) have all managed to surpass EPS and revenue estimates over the past few weeks. Unlike FTI, however, Huron's growth is derived primarily from cost savings rather than top-line expansion. Cost savings will only get Huron so far; so while today's move higher might seem like a buying opportunity, I'm more than willing to wait on the sidelines for a more concrete growth figures and suggest you do the same.

Craving more input? Consider adding Huron Consulting Group to your watchlist.