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: Investors were ordering up shares of Texas Roadhouse (NASDAQ:TXRH) to go today, as the barbecue chain jumped as much as 14% today after a strong quarterly report.

So what: Net income jumped 39% at the restaurant chain. as EPS climbed to $0.37, $0.02 ahead of analyst estimates. Revenue was also slightly ahead of expectations, gaining 11% to $359.7 million, as Texas Roadhouse said the number of transactions increased, a trend that has continued into the current quarter. Same-store sales increased modestly at about 4%, and the company said it plans to increase its store count by about 7% this year.

Now what: This was more of a solid report rather than a stellar one, as the 10% finish might indicate. Shares seem to be a bit overvalued following the jump, with a P/E of 23.5, moderate growth prospects, and no real competitive advantage. I'd wait for Texas Roadhouse to cool off before taking a bite.

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Fool contributor Jeremy Bowman and The Motley Fool have no position in any of the stocks mentioned. Try any of our Foolish newsletter services free for 30 days. We Fools don't all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.