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 food equipment maker Middleby (Nasdaq: MIDD) rose as much as 19.5% today after the company released second-quarter earnings.

So what: Sales rose 23.3% to $260.0 million in the second quarter and the company had net income of $31.0 million, or $1.67 per share. Analysts only expected $1.41 in earnings, marking at least four straight quarters the company has topped estimates.

Now what: The company's food processing group led the way with a 94.8% increase in revenue due to a number of acquisitions. These acquisitions drove most of the company's growth, which shouldn't be forgotten because growth would have been just 4.9% without the new additions. With shares trading at 19.5 times 2012 earnings estimates they're a little too expensive for me to jump into today, despite another earnings beat.  

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