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 aerospace and energy supplier Woodward Inc. (NASDAQ:WWD) jumped as much as 10% today after reporting earnings.

So what: Woodward's first-quarter revenue was flat compared to a year ago at $482.5 million, but net income was up 5.5% to $44.8 million, or $0.66 per share. Analysts were only expecting $0.50 per share in earnings, and that bottom line beat caused the stock to jump today.  

Now what: Part of the earnings beat was due to more than 2 million shares being bought back by the company over the past year. That has the effect of increasing earnings per share more than actual earnings growth. I'd like to see more revenue growth before jumping in at this price, because earnings have been hit or miss over the past year.