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 AAR Corp. (NYSE:AIR) jumped 10% today after the aerospace and defense supplier released earnings.

So what: Fiscal fourth-quarter revenue fell 8.7% from a year ago, to $505.4 million, which was also below the $510.0 million estimate from analysts. But earnings per share rose from $0.01 a year ago to $0.43, $0.02 above estimates. Management said fiscal 2015 revenue would be $2.1 billion- $2.15 billion, and earnings would be $1.80-$1.90 per share.

Now what: Slower sales to commercial customers hit results, but cost-cutting measures clearly overcame the lower revenue. We also won't see much growth next year, because guidance is only slightly higher than the $2.04 billion in revenue and $1.83 per share in earnings for fiscal 2014. Without growth, the price of 15 times earnings is too steep for me, even if results were better than expected last quarter.