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: Wuxi Pharmatech (NYSE: WX) popped 11% in intraday trading today after reporting better than expected fourth-quarter EPS.

So what: Non-GAAP EPS of $0.24 grew 29% from the year-ago quarter and beat the $0.21 consensus estimate. Revenue grew 20% year over year, driven by 59% growth in manufacturing services revenue.

Now what: Management stated it expects 2011 to be "another strong year," with revenue growth of 17% to 21% and stable margins despite labor cost inflation in China and yuan appreciation. Guidance did not mention net income or EPS but implied 2011 GAAP net income of about $70 million, down 23% from 2010 because of a tax rate increase, and non-GAAP EPS of about $1.06, up 19%. That gives the stock a forward P/E ratio of 16 times (and about 18 times GAAP EPS).

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