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 drilling transportation provider Hornbeck Offshore (HOS +0.00%) jumped 10%, after the company released earnings.

So what: Fourth quarter revenue was up 8.5%, to $133.2 million, and came in ahead of the $128.2 million analysts expected. Net income fell from $14.2 million a year ago to $11.3 million, or $0.31 per share, but the bar had been set at $0.25 for the quarter, so Hornbeck easily cleared that.

Now what: The year-over-year comparison isn't terribly impressive, but both revenue and net income jumped sequentially, maybe a better gauge in the current market. I'm encouraged by the improving dayrates in the offshore supply segment, even though utilization wasn't high this quarter. Even after today's jump, shares are only trading at 11 times forward earnings, and I think there's more upside as drilling picks up around the world.

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