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 infrastructure contractor MasTec (NYSE:MTZ) jumped 10% today after reporting first-quarter earnings.

So what: Revenue jumped 24% to $919 million during the first quarter and adjusted earnings per share jumped 93% to $0.27. Wall Street only expected $854.9 million in revenue and $0.24 per share in profit.  

Now what: MasTec was also able to improve its borrowing cost during the first quarter by issuing $400 million of 4.875% senior notes due 2013. This was lower than the previous 7.625% notes and lowers the company's costs going forward. Operationally the company is hitting on all cylinders and updated guidance to $1.80 per share in earnings this year. That's about in line with estimates and puts the stock at 17 times 2013 earnings. That's a price that will keep me on the sidelines today, but if the stock falls back near $25 in coming weeks, I think it would be a great buy.

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