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 CSG Systems (NASDAQ:CSGS) started the morning about 12% higher following an after-hours pop but quickly settled into gains of about 4% as the market digested the company's earnings report and forward guidance.

So what: CSG's revenue for the fourth quarter was $198 million, ahead of the $187.5 million analysts sought. Its earnings per share, at an adjusted $0.67, also came in well ahead of the $0.48 consensus. Going forward, CSG's full-year expectations for 2013 are between $755 million and $775 million on the top line, producing $2.23 to $2.33 in EPS. Both numbers surpassed what analysts were looking for -- the consensus was $747.5 million in revenue and $1.95 in EPS.

Now what: CSG is still well off the highs it reached late last year after a big pop fell apart, but unlike that episode, this one hasn't resulted in a big boost to its underlying P/E. The company currently trades near multiyear lows on that metric despite a solid rise through 2012. Traders might have decided to take their profits this morning, and S&P has maintained a hold rating on the stock because of the possibility of pricing concessions with Comcast (NASDAQ:CMCSA). However, if CSG's EPS guidance is to be believed, there ought to be reason to take a closer look.

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