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 Abraxas Petroleum (AXAS) jumped as much as 10% today after announcing earnings and updated production guidance.

So what: The company averaged production of 4,781 barrels of oil equivalent per day (boepd) last quarter, which was up 16% sequentially and 19% from a year ago. That provided for adjusted net income of $8.4 million, or $0.09 per share, which was four cents ahead of estimates.  

Management expects 2013 production to be between 4,400 and 4,400 boepd, with production averaging 5,300 boepd at the end of the year.  

Now what: The bottom line is improving quickly, and the increase in production next year could drive earnings even higher than expected. Even after today's pop, shares are trading at just 10 times next year's expected earnings, even before adjustments caused by the earnings beat. That's a solid value for investors, and I think there's a lot of room for the stock to run higher.