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 AECOM Technology (NYSE: ACM) climbed as much as 19% today after posting a better-than-expected free cash flow in its earnings report.

So what: The planning and construction consulting service actually missed earnings estimates by a cent but generated strong free cash flow to make up for the earnings miss. Investors had been previously concerned about the company's cash position as it carries more than a $1 billion in debt, but its results brought net debt to its lowest point in the last seven quarters. Net income was down slightly from a year ago, though EPS moved up a penny to $0.63 due to share buybacks.

Now what: Heading into earnings season, some observers had argued that the company's valuation was attractive, and that still looks to be the case at a P/E of just 8.3. With a backlog of $15.8 billion sitting on its books, the company has plenty of new business on the way. If AECOM keeps its costs under control, this could be a solid pick over the coming months.

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