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 equipment distributor Applied Industrial Technologies (NYSE: AIT) were flying today, up as much as 10% after the company reported earnings this morning.

So what: Earnings of $0.75 per share beat estimates by $0.04, while revenue came in below expectations at $620 million, but the real bone for shareholders came in next year's guidance. The company projected earnings per share in fiscal 2013, which it just began, of $2.90-$3.05, well ahead of analyst estimates of $2.80. Management also expects revenue growth of 9% to 13% for the coming year.

Now what: A number of acquisitions have boosted Applied in the last year, and a buyback program and a 2.2% dividend yield have helped increase value for shareholders. Shares have been on a solid run over the past year with gains of 60%, and while I don't think that will be repeated, I don't see any reason to sell. Management expressed optimism about the "industrial economic environment" in the near term, and it seems the business should continue spinning off cash to return to shareholders.

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