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What: Shares of auto auctioneer Copart (Nasdaq: CPRT) have catapulted today, with gains as high as 12%, after the company reported second-quarter results yesterday.

So what: Revenue in the quarter added up to $227.9 million, paving the path to earnings per share of $0.62. Both amounts easily bested the market's expectations, which called for $218.5 million up top and a $0.59 per-share profit.

Now what: During the quarter, Copart took an impairment of $8.8 million related to writedowns on certain assets like real estate, computers, and its fleet of private aircraft, which have been removed from operations. The company has a new headquarters in Dallas, and will transition to commercial airline services and dispose of its fleet. Copart also bought back almost 2 million shares of stock at a weighted average of $46.34.

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Fool contributor Evan Niu holds no position in any company mentioned. Click here to see his holdings and a short bio. Motley Fool newsletter services have recommended buying shares of Copart. Motley Fool newsletter services have recommended shorting Copart. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.