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 Dick's Sporting Goods (NYSE: DKS) climbed 10% today after the athletics retailer authorized a stock buyback program of up to $200 million in common stock over the next 12 months.

So what: We Fools love stock repurchases, as they serve to reduce the number of shares outstanding and, in turn, increase earnings per share and the percentage stake that shareholders have in the company. It's also a sign that management believes its stock is cheap, so it's no surprise that investors are looking to get in ahead of the value-boosting repurchases.

Now what: Dick's also issued guidance for the full year, with EPS expected to come in from $2.01 to $2.03. "While the warmer- and drier-than-normal winter has affected our same-store sales and inventory levels, sales and gross margin pressure have been minimized due to better than anticipated operating leverage," Chairman and CEO Edward Stack said. When you couple that somewhat upbeat outlook with shareholder-friendly buybacks over the next year, Dick's is at least a short-term play worth considering.

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