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 oil and gas service company Core Laboratories (NYSE:CLB) jumped as much as 10% today after the company released first quarter earnings.

So what: Revenue rose 11.4% in the quarter, to $260.9 million, and net income was up 4.8% from a year ago to $56.5 million, or $1.22 per share. Analysts expected revenue of $245.0 million and earnings of $1.15 per share, so the results easily passed Wall Street's view. 

Now what: The reservoir management segment was the most impressive, with revenue up 32%, and operating income rising 24%. Oil and gas are becoming harder to find and harder to evaluate, so the services that Core Labs provides are crucial to the industry. Shares are now trading at 23 times forward earnings, not a steal given the company's growth level, but I still think shares can move higher after another positive quarter.

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