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 ION Geophysical (NYSE: IO) soared as much as 23% today after the company released its first-quarter earnings report.

So what: Revenue grew 23% to $90.6 million and net income was $8.2 million, or $0.05 per share. Both results beat expectations, driven by a 53% increase in system segment sales.

Now what: Management is also upbeat about the outlook for 2012 and is investing heavily in the business. Despite the growth, shares are trading at just over 10 times forward earnings estimates. I think shares have further to run with the company reporting strong revenue growth and the industry as a whole expanding explorations for energy.

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