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 Plantronics (NYSE: PLT) pushed past 10% gains early this morning after reporting earnings that came in ahead of analyst estimates. The sound specialist impressed the Street with $181.4 million in revenue and $0.63 per share in adjusted EPS. That beat the $179 million consensus estimates for revenue and the $0.61 in EPS that analysts predicted. The combination of those beats and the announcement of a new share-repurchase plan was enough to put some wind in the stock's sails today.

So what: By announcing its intent to buy back 1 million shares, Plantronics has committed itself to a rather modest $37 million repurchase at current prices. There's $384.7 million in cash on the balance sheet, more than enough to take care of this repurchase -- but only $13 million of that amount was held domestically, according to the company's earnings call.

Now what: Plantronics has been a rather flat stock over the past two years, with a few ups and downs that wind up returning to the same baseline. Nothing in the company's earnings were so out of the ordinary that it would indicate a long-term change in Plantronics' fortunes, and as the stock now trades at the higher end of its two-year range, today might be a good time to take some gains if you've made them.

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Fool contributor Alex Planes holds no financial position in any company mentioned here. Add him on Google+ or follow him on Twitter @TMFBiggles for more news and insights. The Motley Fool has a disclosure policy. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. Try any of our Foolish newsletter services free for 30 days.