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 Ebix (NASDAQ:EBIX) have popped today by as much as 12% after the company reported earnings.

So what: Revenue in the fourth quarter was $54 million, slightly short of the $54.3 million consensus estimate. Investors were optimistic about the earnings per share of $0.48, which was ahead of the $0.45 per share that analysts were modeling for.

Now what: CEO Robin Raina said the company delivered during what's been one of the most challenging years for the broader industry in 10 years. Ebix generated $72.3 million in operating cash flow during 2012. Shares have been volatile lately amid a short attack questioning the company's accounting. An earnings beat like this one is bound to give bulls some courage.

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