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 transaction management specialist Synchronoss Technologies (Nasdaq: SNCR) jumped as much as 12% in intraday trading after the company announced fourth-quarter earnings.

So what: Non-GAAP earnings per share for the quarter topped analysts' estimates, as did revenue. What more could investors ask for? Perhaps less customer concentration, as Synchronoss's largest customer, AT&T, accounted for 53% of fourth-quarter revenue. But the company also seems to be making progress in that area as the percentage of sales that comes from AT&T continues to decline. In particular, the company sees its relationship with Verizon expanding and potentially doubling to 10% of total revenue in 2011.

Now what: After posting full-year 2010 non-GAAP earnings per share growth of 23%, analysts expect a 19% bump in 2011 -- that is, assuming they don't raise their 2011 outlook after the strong fourth-quarter results. However, with Synchronoss's stock changing hands at 42 times the current 2011 outlook right now, shares are looking a bit pricey to this Fool.

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Fool contributor Matt Koppenheffer owns shares of AT&T, but does not own shares of any of the other companies mentioned. You can check out what Matt is keeping an eye on by visiting his CAPS portfolio, or you can follow Matt on Twitter @KoppTheFool or on his RSS feed. The Fool's disclosure policy prefers dividends over a sharp stick in the eye.