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 Informatica (Nasdaq: INFA) rose more than 10% today after the company reported earnings.

So what: Revenue fell slightly to $190.5 million compared with a year ago, in line with what analysts had expected. The company reported net income of $20.1 million, or $0.29 per share on an adjusted basis, which was a penny ahead of expectations.

Now what: Informatica has beaten expectations each of the last four quarters, and this quarter the numbers didn't beat expectations by much. I'm looking more at the falling revenue as a red flag right now, and considering the company's 2012 P/E ratio of 22, I think the stock is expensive. I'd like to see more value before jumping on this bounce or revenue growth at the very least.

Interested in more info on Informatica? Add it to your watchlist by clicking here.