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: Technology contractor Computer Sciences Corporation (NYSE: CSC) saw its shares soar more than 17% this morning after topping analysts' expectations on revenue and profit. The company posted $3.96 billion in quarterly revenue, ahead of the Street's consensus of $3.89 billion, and EPS of $0.26 was ahead of the $0.22 per share analysts had expected on the bottom line.

So what: Computer Sciences also projected $1 billion in cost savings over the next year and a half. Its free cash flow losses narrowed to $25 million, a nice improvement over the year-ago quarter's hemorrhaging of $378 million in cash. Expectations for the upcoming quarter are now $0.42 in EPS. Company leadership is attempting to aggressively rehabilitate the money-losing company, which will take some time.

Now what: Computer Sciences has a nice dividend yield, at 3.2% after its big rise, but it has had to fund itself with significant debt offerings over the past few years to keep itself afloat. Both revenue and net income declined from the year-ago quarter, particularly net income, which stood at $1.17 per share last year. Today's pop brings Computer Sciences back to a roughly flat performance for the 52-week period, but it's got a ways to go before it looks like a good bargain.

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