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 Nuance Communications (Nasdaq: NUAN) rose as much as 11% in early trading, after the maker of voice recognition software reported better-than-expected results for its fiscal third quarter.

So what: Revenue rose 20% to $328.9 million, as the company reversed last year's $0.01-a-share net loss with a $0.13-a-share profit. Adjusted profits rose 17% to $0.35 a share. Analysts had been expecting $0.34 in earnings on $338.1 million in revenue, according to data compiled by Yahoo! Finance.

Now what: Nuance has since given back much of its early gain, probably owing to a combination of the revenue miss and market volatility. So be it. At 13 times forward earnings, the stock is priced about in line with long-term growth estimates -- fair, but not exactly cheap. Do you agree? Disagree? Weigh in using the comments box below.

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Fool contributor Tim Beyers is a member of the Motley Fool Rule Breakers stock-picking team. He didn't own shares in any of the companies mentioned in this article at the time of publication. Check out Tim's portfolio holdings and Foolish writings, or connect with him on Google+ or Twitter, where he goes by @milehighfool. You can also get his insights delivered directly to your RSS reader.

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