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 real estate services firm CBRE Group (NYSE: CBG) were living large today, gaining as much as 18% in intraday trading after the company reported third-quarter results.

So what: CBRE reported adjusted third-quarter earnings per share of $0.24, which was up 20% from last year and met analysts' expectations. Revenue was likewise up double digits, rising 21% to $1.5 billion and edging out the $1.47 billion that Wall Street was estimating.

Normally, those kinds of results would let investors breathe a sigh of relief, but wouldn't spark the kind of rally that CBRE's shares are seeing today. So why the big move? It has been a tough quarter for the global economy, and the real estate market continues to be rocky. With that as a backdrop, CBRE's quarterly performance shows that the company has continued to execute and pick up market share in spite of the tough environment. And that's news worth celebrating.

Now what: The small- and mid-cap slices of the stock universe are some of the toughest places to find bargains right now, and for this Fool, CBRE falls into that trap. If the company continues to execute as well as it has been, it'll no doubt be good news for investors. However, I'd be much more excited about the stock at a lower valuation.

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Fool contributor Matt Koppenheffer does not have a financial interest in any of the companies mentioned. You can check out what Matt is keeping an eye on by visiting his CAPS portfolio, or you can follow Matt on Twitter @KoppTheFool or Facebook. The Fool's disclosure policy prefers dividends over a sharp stick in the eye.