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 ITT Corporation (NYSE: ITT) rose 12% today after the company reported second-quarter earnings.

So what: Revenue rose 3% from a year ago to $567.5 million, which was above estimates of $569.7 million from analysts. On an adjusted basis earnings per share came in at $0.50, which was up $0.04 from last year and ahead of the $0.37 estimate from analysts.

Now what: Momentum is solid, if not spectacular, on both the revenue and earnings front. For the full year management now expects adjusted earnings to be $1.62-$1.72, so the stock trades at 12.6 times this year's earnings on the low end, even after the jump today. I think that's a reasonable value and shares will continue to move higher.

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