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 Colfax (NYSE: CFX) jumped 13% today after the company blew away earnings expectations.

So what: It was an earnings trifecta for Colfax when the company reported sales, earnings, and outlook that topped expectations. Sales reached $186.7 million, earnings per share of $0.32 topped estimates by $0.06, and 2011 earnings guidance was raised to $1.20, to $1.26 per share.

Now what: Sales grew an incredible 52% this quarter, and for the full year the company increased growth guidance to 9% to 11%. At the low end of 2011 estimates, shares now trade at 22 times this year's earnings and momentum looks to be continuing. I think shares have room to run, but I'd like to see an even better value before pushing all of my chips into the stock.

Interested in more info on Colfax? Add it to your watchlist.

Fool contributor Travis Hoium does not have a position in any company mentioned. You can follow Travis on Twitter at @FlushDrawFool, check out his personal stock holdings or follow his CAPS picks at TMFFlushDraw.

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