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 energy and aerospace service provider Woodward (NASDAQ:WWD) jumped 16% today after the company reported earnings.

So what: Fiscal third quarter revenue was up 8% to $524.3 million and earnings per share more than doubled from $0.34 to $0.69. Bottom-line results easily topped the $0.60 per share in earnings that Wall Street analysts expected.  

Now what: Management pointed to a better macro economy, strong commercial aircraft demand, and renewable energy as drivers of earnings. They also think these trends will continue and revenue will be at the top end of the range of $1.95 to $2.05 billion and earnings will be $2.35 to $2.45 per share this year. There's not a lot of value with shares trading at 22 times the upper end of that range, but if this pop wears off and investors can get in at a lower price the fundamental business is performing well and should for the next few years.