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 Lionbridge Technologies (NASDAQ:LIOX) have gained nearly 13% today after the company came through with a third-quarter earnings report that gives investors a lot to like.

So what: Lionbridge's quarterly revenue, $124.6 million, is an 11% year-over-year improvement, and comes in ahead of Wall Street's modest expectations of $119 million. The company's earnings of $0.08 per share -- on a generally accepted accounting principles basis, no less -- smashed through expectations of just $0.03 in EPS. Going forward, Lionbridge expects revenue to be from $120 million-$123 million for the fourth quarter, which is better than the $119.5 million Wall Street consensus. The company also revealed guidance for 2014 -- it expects revenue to grow by 5% -10% from 2013, and income from operations to see "significant growth."

Now what: This is certainly good news. However, at present, the company is valued like a relatively high-growth stock (its P/E is roughly 34), but it anticipates revenue growth that's more akin to that of a fully established large-cap company. Margin expansion could juice earnings growth and make today's P/E irrelevant, but this stock deserves a cautious, close look before you make any investment.

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