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 unified communications specialist Polycom (NASDAQ:PLCM) soared as much as 21% earlier in the trading session following the release of the company's third-quarter results.

So what: For the quarter, Polycom reported a 6% decline in sales to $335 million, and a one-time charge excluded profit of $0.10. Both figures slipped by Wall Street's expectations for $0.08 in EPS on sales of $331 million. Polycom's CEO, Andrew Miller, pointed to strength in the company's unified communications operations, as well as strength in its North American business, as the reason for the better-than-expected results.

Now what: I was a little premature in my outperform call on Polycom, but its troublesome North American market appears to be stabilizing. I see Polycom as a burgeoning videoconferencing-over-Internet play for enterprises over the next decade and feel that with $572 million in cash, no debt, and valued at roughly 15 times forward earnings, you'd be paying a very fair price for the company here. If anything, I'd suggest adding Polycom to your Watchlist for future reference.

Craving more input? Start by adding Polycom to your free and personalized Watchlist so you can keep up on the latest news with the company.

Fool contributor Sean Williams has no material interest in any companies mentioned in this article. You can follow him on CAPS under the screen name TMFUltraLong, track every pick he makes under the screen name TrackUltraLong, and check him out on Twitter, where he goes by the handle @TMFUltraLong.

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