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 telecom contractor Dycom Industries (NYSE:DY) climbed 11% today after its quarterly results and outlook topped Wall Street expectations.

So what: Dycom's third-quarter profit sank 25% on lower asset sales, but continued top-line growth -- contract revenue soared 38% -- coupled with upbeat guidance for the current quarter suggests that demand remains robust. In fact, organic revenue for the period increased 6.2% over the prior-year period, reinforcing recent optimism over management's ability to grow efficiently.

Now what: For the current quarter, management now sees EPS of $0.40-$0.47 on revenue of $455 million-$475 million, versus Wall Street's view of $0.38 and $441 million. "Continued total and organic revenue growth as services to wireless carriers remain robust, cable construction strengthens and customers maintain growing expenditures," the company wrote in a presentation to analysts. With the stock busting through its 52-week high today and trading at a 20-plus P/E, however, I'd wait for some of the excitement to fade before buying into that bullishness.

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