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 Ruby Tuesday (NYSE: RT) rallied as much as 10% earlier this morning after the company reported its second-quarter results.

So what: The casual-dining chain's earnings results easily surpassed analyst expectations, and potentially signaled consumers' willingness to return to discretionary spending. It reported a $0.07 quarterly profit versus the analyst consensus of $0.05, while showing a 4.2% rise in year-over-year same-store sales. Operating margins rose 140 basis points.

Now what: Ruby Tuesday has had an amazing run, dating back to its lows of under $1 in March 2009. Those who were brave enough to purchase shares back then have been more than rewarded; the company has returned to profitability while also growing revenue. Unfortunately, its forward guidance was a bit lacking. Same-store sales growth is expected to slow to 0% to 2% for the full year ending in May, and Ruby Tuesday's end-of-year earnings guidance of $0.76 to $0.86 seems just shy of analysts' $0.86 consensus estimate. Unfortunately, low single-digit revenue growth figures just aren't enough to entice me to take a bite out of Ruby Tuesday at these levels.

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