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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