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 Mentor Graphics (Nasdaq: MENT) rose more than 14% on better than three times the average trading volume after reporting strong third-quarter results.

So what: Revenue rose 5% to $250.5 million while earnings jumped 57% to $0.22 a share. Mentor earned $0.25 a share after excluding special items, well ahead of the $0.21 a share Wall Street had been calling for.

Now what: The size of the beat helped offset a lower-than-expected fourth-quarter outlook. Mentor Graphics projects $0.50 a share of adjusted earnings on $136 million in revenue. Wall Street, by contrast, was calling for $0.53 a share and $315.9 million, respectively. Were investors wrong to ignore the miss? Would you buy shares of Mentor Graphics at current prices? Please 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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