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 industrial manufacturer Heico Corp (NYSE:HEI) jumped as much as 10% today after it reported better-than-expected earnings.

So what: Fiscal second-quarter revenue was up 3% to $291.4 million and net income jumped 16.7% to $33.1 million, or $0.49 per share. Revenue was a little short of analyst estimates of $300 million, but earnings easily topped the $0.45 estimate, and that's what investors are focusing on today.  

Now what: Management said in the earnings release that they expect net sales and net income to be up 8% to 10% for the fiscal year, so they're clearly expecting sales to be strong in the second half of the year, helped by the Aeroworks International acquisition announced early this year. Overall, demand is expected to be strong, especially in the Electronic Technologies Group.

My only concern is valuation, because the stock is now trading at 34 times earnings -- and organic growth in the low single digits isn't a lot of growth for a company valued that highly.