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 Bluecora (NASDAQ:BCOR) surged to an early 10% gain today, before settling into a solid 6% gain in the afternoon (as of this writing), on a double beat in its second-quarter earnings report, which appears to be combined with interest surrounding an acquisition announcement.

So what: Bluecora's second-quarter revenue clocked in at $117.2 million, 16% higher than the year-ago quarter's result, and its adjusted earnings per share of $0.58 were more than double the year-ago quarter's $0.24 result. Both numbers bested Wall Street's expectations, especially on the bottom line -- analysts had modeled $114.4 million in revenue and $0.24 in EPS.

However, third-quarter guidance is a bit less impressive, particularly in light of the second quarter's big EPS beat. Bluecora now expects between $93.5 million and $97.5 million in revenue to go along with EPS guidance in the $0.14 to $0.17 range. Analysts had been looking for $93.6 million in revenue and $0.16 in EPS, so there's still reason for positive sentiment -- just not quite as much, which explains the gradual intraday decline in Bluecora's share price.

Now what: Bluecora will understandably go through a fair bit of fluctuation in its valuation as the chunkiness of tax season takes its toll on fundamentals, but today's report was nevertheless quite positive for investors. However, because of that chunkiness, it might be worth considering the possibility that today's pop is an opportunity for profit-taking, rather than a sign that it's time for a long-term purchase. After all, the company's third-quarter report last year led to a disappointing drop that wasn't reversed until the first quarter of this year. Dig in a little deeper before you decide to dive in.

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