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 Acacia Research Corp (NASDAQ:ACTG) jumped 15% today after reporting second-quarter earnings.

So what: Revenue more than doubled to $50.1 million, and the company swung from an adjusted loss of $2.7 million a year ago to $7.9 million, or $0.16 per share. Analysts were expecting just $0.06 per share in earnings, so the results were a big surprise, especially considering the fact that results have lagged expectations over the past year.  

Now what: While this quarter was phenomenal, it's important to keep in mind that revenue is down 37% in the first six months of the year, and profits for that period are just $0.05 per share. Results can be volatile quarter to quarter, and that's been evident in the past two months alone. But it's the losses that mounted over the past year that will keep me out of shares, because I'm not putting too much stock in one good quarter.