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 ION Geophysical (NYSE: IO) rose 11% today after the company released a mixed earnings report.

So what: The company reported a 19% increase in revenue to $105.2 million and net income of $12 million, or $0.08 per share. Revenue missed estimates, but earnings per share were a penny better than estimates, and investors are clearly focused on this today.

Now what: Management also had positive comments about the rest of 2012, saying that the marine division would strengthen in the second half of the year. ION Geophysical has now beat earnings estimates in two straight quarters, but has only $0.34 in earnings per share in the last year. That puts the company's P/E ratio at 23, a price that will keep me from buying on the pop today. After another solid quarter, I would be a buyer on a pullback, but at this price I would prefer to wait to see if next quarter is as strong as expected.

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