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 restaurant operator Brinker International (NYSE: EAT) climbed a delicious 13% today after its quarterly results and 2012 outlook topped Wall Street expectations.

So what: The parent company of Chili's and Maggiano's has been losing market share amid intense competition, but today's revenue beat -- $717.5 million versus the consensus estimate of $710.6 million -- suggests that some of management's turnaround initiatives are catching on. Specifically, the launch of low-priced lunch combos and the "2 for $20" dinner deal helped Chili's post a 2.1% same-store sales increase.

Now what: I wouldn't bite on the shares just yet. While management now sees full-year adjusted 2012 earnings of $1.80 to $1.95 per share (versus the average analyst estimate of $1.77), an increasingly crowded casual dining space makes Brinker a questionable long-term opportunity. For Fools yearning to get into the restaurant biz, younger, faster-growing concepts like Buffalo Wild Wings (Nasdaq: BWLD) and Chipotle Mexican Grill (NYSE: CMG) seem like tastier opportunities.

Interested in more info on Brinker? Add it to your watchlist.