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 water equipment maker Mueller Water Products (NYSE: MWA) rose as much as 10% today after reporting earnings.

So what: The company said revenue rose 6% to $275.9 million in the fiscal third quarter and earnings per share came in at $0.05, up from a loss last year. Both results were slightly ahead of analyst estimates.

Now what: Positive comments from management were likely helping drive the stock higher, because the market has been fearing worsening economic trends in recent months. CEO Greg Hyland pointed to positive residential construction market trends as helping the company, and if they continue, they'll help push sales higher. Mueller is coming off three quarters of losses, so the profit is good, but it's not enough for me to think a turnaround is compete, and I'm selling the pop today.

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Fool contributor Travis Hoium has no position in any company mentioned. You can follow Travis on Twitter at @FlushDrawFool, check out his personal stock holdings, or follow his CAPS picks at TMFFlushDraw.

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