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 smoothie slinger Jamba (Nasdaq: JMBA) were getting a booster from investors today, gaining as much as 15% in intraday trading after reporting better-than-expected second-quarter results.

So what: With a nasty history of losses and a recent penchant for missing analysts' earnings estimates, I wouldn't be shocked to learn that Jamba's shareholders are a pessimistic bunch. But this oft-disappointed group saw a glimmer of light as the company announced second-quarter results that topped Wall Street's expectations.

Total revenue for the quarter declined 21% to $59 million as the company worked on refranchising company-owned stores. Adjusting for the refranchised stores, revenue actually increased a modest 2.5%. Meanwhile, earnings per share jumped from $0.02 in the second quarter of 2010 to $0.05 this past quarter. Analysts were looking for $0.03 in per-share profit on $56 million in revenue. The company also reported a 4.3% increase in company-owned same-store sales and a 2.9% increase in overall same-store sales.

Now what: Jamba's management maintained its outlook for 2011. That guidance calls for company-owned same-store sales growth of 2% to 4% and an adjusted operating profit margin of between 18% and 20%. Considering the company's past performance, achieving both of those targets would definitely be steps in the right direction. However, while guidance is positive and the second quarter looked good, one quarter does not a trend make, so investors will want to keep a close eye on the quarters ahead to make sure this report wasn't just a sugary treat that will quickly wear off and let investors down.

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