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 CARBO Ceramics (NYSE:CRR) jumped 34% today after the company reported outstanding third quarter earnings.

So what: Revenue jumped 33% from a year ago to $201.5 million and net income was up 26% to $30.1 million, or $1.31 per share. Analysts were only expecting $161.0 million in revenue and $0.83 per share in earnings so the company crushed expectations.  

Now what: A 48% jump in proppant sales drove the results as management's prediction of an improved second half appears to be coming true. Shares aren't cheap at 33 times trailing earnings but the company is quickly improving and end markets look to be strong. I think shares are priced for perfection, but if they pull back in coming weeks it could provide a nice entry into the shale boom for investors.