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 Select Comfort Corp. (NASDAQ:SCSS) were helping investors rest easy today, climbing as much as 14% after a turning in a solid first-quarter earnings report.

So what: The mattress-maker showed signs of a comeback in its report last Thursday as revenue ticked up 7% to $276.4 million, ahead of estimates at $275 million, on a 2% gain in comparable sales. Adjusted earnings per share came in at $0.31, though that was a penny short of expectations at $0.32 as expenses rose faster than revenues. Still, CEO Shelly Ibach said she was "pleased with the results," and that the company was on track with its three primary growth strategies. 

Now what: Select Comfort seems to have benefited from low expectations, as shares had been trading near a 52-week low before the report. Guidance was roughly in line with the analyst consensus as the company sees full-year EPS of $1.07 for 2014, even with 2013 but short of analyst estimates at $1.11, while sales are projected to grow in the mid- to high single digits, versus an analyst target of 8.5%. The maker of the Sleep Number bed also expects to open 20 to 30 stores during the year, growing its store base by about 5%. Keep an eye on expenses over the next few quarters, as the company will need to control operating costs in order to grow profits again. Faster-growing comps will also be a positive sign. 

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