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 Computer Sciences (NYSE: CSC) surged 17% today after the government IT contractor posted market-topping results and named Mike Lawrie, CEO of Misys, as its new head honcho.

So what: The stock has been crushed over the past year on weak government spending, contract disputes, and fears over possible accounting irregularities, but today's big third-quarter beat -- adjusted EPS of $1.35 versus the consensus of $0.58 -- coupled with the hiring of turnaround expert Lawrie, suggests that Computer Sciences is moving in the right direction. In fact, year-to-date new contracts now total $13 billion, representing an impressive 26% jump year over year.

Now what: "I am encouraged by our continued success in capturing new business, our strong cash generation, and the sequential improvement in MSS operating margin," current Chairman and CEO Michael Laphen said. However, given the SEC's ongoing investigation of the company and the fact that guidance still isn't being provided, tons of uncertainty continues to surround Computer Sciences. After all, with the stock still down 35% over the past year, waiting on the sidelines for some clarity likely won't cost you that much.

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