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 financial information gatherer FactSet Research Systems (NYSE: FDS) have popped today by as much as 10% after the company reported second-quarter earnings this morning.

So what: Revenue in the quarter added up to $199.4 million, slightly topping the market's expectations of $198.2 million. The bottom-line non-GAAP profit rose by 12.3% over last year to $52.2 million, or $1.14 per share, also besting the consensus estimate of a buck.

Now what: It gets better: FactSet forecasted a strong third-quarter profit a healthy head above what analysts were looking for. Third-quarter earnings are expected to be in the range of $1.14 to $1.16 per share, while analysts were looking for just $1.02 per share. The company's annual subscription value grew 11% to $803 million, with 81% of that coming from buy-side clients.

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