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 industrial supplier ITT (NYSE:ITT) jumped 10% today after the company reported earnings.

So what: Second-quarter revenue was up 9% to $609 million, barely beating the $609 million estimate from Wall Street. Net income rose 53% to $25.8 million, or $0.28 per share. Excluding one-time items, earnings were $0.51 per share, beating estimates by $0.06.  

Now what: Sales of brake pads, pumps, and valves drove the revenue growth. Oil and gas companies have been increasing exploration and capital spending so the company was able to ride that wave and was helped by a strong auto industry as well. The company needs to keep up strong earnings momentum to justify its 23 P/E ratio because revenue growth isn't even double digits, but if the bottom line keeps moving higher then so can the stock.

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