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 Republic Airways Holdings (NASDAQOTH:RJETQ) jumped 10% today after the small aircraft operator reported earnings.

So what: Operating revenue in the fourth quarter was up 5.8% to $346.5 million and net income from continuing operations nearly doubled to $16.5 million, or $0.30 per share. Earnings were $0.03 below estimates, but revenue came in slightly ahead of estimates on the back of 22.5% growth in the fixed-fee-service business.  

Now what: The sale of Frontier Airlines resulted in a big drop in passenger service revenue, but the core fixed-fee business is still doing well. That's what investors are looking at today and for the full year we've seen fixed-fees grow 15.8%. Shares trade at just nine times forward estimates and, given Republic Airways' momentum, I think shares still have room to run.