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 CIRCOR International (NYSE:CIR) jumped as much as 16% today, after the company reported earnings.

So what: Third quarter revenues were flat year over year, at $209.8 million, coming in just ahead of estimate. But the bottom line was where CIRCOR really blew away investors, reporting earnings of $0.76 per share, well ahead of the $0.57 that analysts expected.

Now what: The company continues to spend money to help improve profitability going forward, and the adjusted numbers show progress in that direction. I'd like to see higher growth before getting too excited about this quarter, but I do like the direction in which margins are headed. Buying on the bounce is a risky proposition today but, if shares pull back in coming days, it would be a good entry point for the long-term investor.

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