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 intellectual property firm Acacia Research (NASDAQ:ACTG) jumped 13% briefly at the open of trading, after announcing earnings.

So what: The company's revenue more than tripled, to $66.3 million, and net income doubled, to $9.8 million, or $0.20 per share. Analysts only expected $41.4 million in revenue, and earnings per share of $24, which compares to the $0.84 of adjusted EPS Acacia reported.  

Now what: The momentum that the business saw is very strong and, with shares trading at just 11 times forward earnings, there's plenty of upside potential. Results tend to be lumpy, but with revenue trending higher throughout 2012, and a growing patent portfolio, we can expect some certainty going forward. I think there's upside from here, especially considering the drop shares had later in trading to near flat on the day.

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