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 Dycom Industries (NYSE:DY) jumped 14% today after announcing earnings and an acquisition.

So what: The company said it would buy a telecommunications subsidiary of Quanta Services for $275 million in cash. The acquisition is expected to add $0.05 to $0.10 per share in earnings.

It also said that fiscal first quarter revenue improved slightly to $323.3 million and net income fell slightly to $11.9 million, or $0.35 per share. That was slightly ahead of estimates

Now what: I'm not overly impressed by either the price of the acquisition or the earnings report. Dycom isn't getting a steal if it is only adding $0.10 (at most) to earnings, and with revenue falling, the earnings report wasn't a strong buy signal. I'll sit out today's move and look for growth elsewhere.

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This article represents the opinion of the writer, who may disagree with the “official” recommendation position of a Motley Fool premium advisory service. We’re motley! Questioning an investing thesis -- even one of our own -- helps us all think critically about investing and make decisions that help us become smarter, happier, and richer.