Although we don't believe in timing the market or panicking over daily movements, we do like to keep an eye on market changes -- just in case they're material to our investing thesis.

While a number of economic reports were released today, it's a strong gross domestic product number from the Bureau of Economic Analysis that has major indexes moving higher today. As of 1 p.m. EST, the Dow Jones Industrial Average (^DJI -0.11%) is up 157 points, or 1%, the S&P 500 is higher by 1.33% and the Nasdaq is up 2.03%.

The latest GDP figure for the third quarter shows a 4.1% increase from the prior quarter. This was the second time the figure has been reported -- we will receive one more in February -- but the first report only indicated the economy grew by 3.2%. Other data released today included the weekly initial jobless claims figure, which at 348,000 was up 19,000 from the previous week, and National Association of Realtors data showing that pending home sales in December fell 8.7% when compared to November and dropped 8.8% when compared to December of 2012.  

But that news could not keep the major indexes lower or slow down a few highfliers today. Shares of the athletic apparel companies Under Armour (UAA) and Nike (NKE 0.66%) are up 21.9% and 3%, respectively, at this time. The moves come after Under Armour reported quarterly earnings that beat estimates on both the top and bottom lines. The company posted revenue of $682.7 million and earnings per share of $0.59, beating analyst estimates of $619.9 million and $0.53. Furthermore, the company sees revenue increasing by 22%-23% in 2014 and also increased its operating income forecast.

Many investors are taking Under Armour's good news and connecting it to Nike, as they both essentially sell the same goods. While that move may work out well for some investors, the fact of the matter is the two companies are direct competitors and are selling to the same group of people. The only real question then is, how much pie is there to go around?

Two other stocks jumping higher today are Facebook (META -0.52%) and Twitter (TWTR), which are up 15.7% and 8.3%, respectively. These moves follow Facebook's earnings report. Facebook not only posted strong earnings and revenue beats, but an amazing amount of growth when it comes to advertising sales figures. But, most importantly, Facebook now derives more than 50% of its revenue from mobile adds, a revenue stream which just two years ago didn't exist and a year ago only accounted for around 20% of revenue.  

That one stat is likely the reason for the stuck jump by Twitter, an essentially mobile-only social media platform. The revenue being generated by Facebook on mobile should be something Twitter can rather easily duplicate in time. Today, investors are certainly showing their confidence that the company will do just that.

There is no denying it, technological innovation is the future