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 airline outsource provider Atlas Air Worldwide Holdings (Nasdaq: AAWW) jumped 10% today after reporting first-quarter earnings.

So what: Revenue rose 21% from a year ago to $359.3 million and net income was $10.5 million, or $0.40 per share. Both results easily topped analyst estimates, and the company reiterated annual earnings per share guidance of greater than $5.10, higher than current estimates from Wall Street.

Now what: Commercial demand drove the strong earnings in the quarter, and the demand is expected to continue. Management expects the seasonally stronger second half of the year to amp up earnings, and if they're right this could be a great value right now. The stock trades at just 10 times what management expects to earn per share, so I think shares are just starting their move higher.

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