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 RigNet (NASDAQ:RNET) jumped 10% briefly this morning before shares fell to around flat for the day.

So what: The pop was caused by earnings, which showed a 21.1% jump in revenue to $59.7 million and earnings of $5.4 million, or $0.30 per share. Analysts were only expecting $57.8 million in revenue and $0.26 per share in earnings, so the company easily beat estimates.  

Now what: The offshore rig communications business was the big driver of earnings, and continued growth offshore should help drive future results. I will point out that income tax expense was more than $1 million lower than last quarter, which drove a lot of the sequential improvement and may be volatile quarter to quarter. While I think this was a good quarter, shares are expensive at 28 times forward earnings and that will keep me from being a buyer today.