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 CommVault Systems (CVLT 0.31%) have popped today by as much as 23%, after the company reported better-than-expected earnings.
So what: Revenue in the fiscal second quarter added up to $118.2 million, topping the consensus estimate of $115.7 million. Non-GAAP earnings per share of $0.38 also pleasantly surprised investors, who would have been happy with just $0.28 per share in profits.
Now what: If that wasn't enough, the board also decided to authorize a $50-million increase in the company's existing stock repurchase program, and extended its expiration to March 2014. This brings the current remaining allowance at $102.8 million. CEO N. Robert Hammer said that the company's momentum should carry into the second half of its fiscal year.
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