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: Ingram Micro (NYSE: IM) popped 12% in intraday trading today after reporting in-line second-quarter earnings, and stating that it expects global demand to remain "relatively consistent" in the third quarter.

So what: Investors must be relieved that the company didn't repeat last quarter's massive EPS miss. EPS of $0.37 declined 10% year over year, but met the consensus estimate. Revenue of $8.75 billion increased 7% year over year; excluding currency effects, it climbed 1% year over year.

Now what: The botched IT transition in Australia that drove last quarter's disappointment seems to be getting back on track. Management expects third-quarter sales to be "roughly in line with historical seasonality," which is encouraging, given all the gloomy macroeconomic news. Looking longer-term, the CEO stated, "...we believe our investments in system enhancements and other strategic initiatives will lead the way to enhanced service for our customers, and a more competitive and profitable company." Despite the potential for margin improvement, the P/E ratio is a low 9.6.

Interested in more info on IM? Add it to your watchlist by clicking here.

Fool contributor Cindy Johnson does not own shares of any company named above. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.