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 magicJack VocalTec Ltd. (NASDAQ:CALL) jumped 8% today after reporting better-than-expected earnings last night.

So what: The VOiP services provider crushed earnings estimates with an adjusted EPS of $0.75 against expectations of just $0.42. Its subscriber count grew 21% from the year before to 273,534, though net revenues fell 14% to $35.5 million. Investors also seem jazzed by magicJack's announcement that it has bought $13 million worth of shares from founder Daniel Borislow, which will give earnings per share a boost of about 5%. Furthermore, the company entered into an agreement with Borislow stipulating that he will no longer have any more involvement in the company's business or operations.

Now what: Borislow had relinquished the CEO post late last year in the face of massive short selling so his departure should only further encourage investors. While overall revenue fell year over year, magicJack did see a 34% increase from access rights renewals so some categories are growing strongly. Meanwhile, the subscriber growth seems to bode well for the company moving forward, and shares are dirt cheap at a P/E of just 4.5. I'd say this is one company you'll want to keep your eye on.