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 rapid production company Proto Labs (NYSE:PRLB) jumped 20% today after reporting earnings.

So what: Third-quarter revenue jumped 21% from a year ago to $32.5 million, and net income rose 22% to $6.7 million. Revenue beat estimates and adjusted earnings per share of $0.29 were $0.06 ahead of estimates.

Now what: Proto Labs continues to benefit from the need for faster and faster production of parts, and the operational momentum doesn't appear to be slowing at all. But the stock is currently trading at 30 times next year's earnings, a steep price even for a company that is growing. I'll sit out this move just based on valuation, but if the pop subsides, the stock may be worth another look.

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