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 drilling contractor Parker Drilling (NYSE:PKD) jumped as much as 19% today after announcing earnings.

So what: Third-quarter revenue jumped 44% from a year ago, to $237.8 million, and adjusted net income dropped 16%, to $14.5 million, or $0.12 per share. Analysts were only expecting $231.4 million in revenue and $0.09 per share in earnings, which is why shares jumped. 

Now what: The inland U.S. market continues to be weak, but Parker's management sees improvement in offshore and international markets. This is a theme we've seen from across the industry as new oilfields will drive growth in these markets. I like the company's prospects, and generally prefer service providers, because they don't have the same risk as oil explorers. That's why I think shares still have room to run higher.