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 purse powerhouse Coach (NYSE: COH) jumped more than 12% in intraday trading, after a better-than-expected fiscal first-quarter earnings release.

So What: Earnings per share came in at $0.63 for Coach, well above the $0.55 mark that Wall Street was looking for. Total sales were up 20% year over year. North American comparable-store sales rose 8.5%. Gross margin increased, operating margin increased, and expenses as a percentage of sales decreased. Is there any wonder that the market is so excited?

Now What: For the broader market, this raises the question of whether Coach is simply a cut above the rest, or whether consumers' emergence from hibernation will also mean better results for Tiffany (NYSE: TIF), Fossil (Nasdaq: FOSL), and Abercrombie & Fitch (NYSE: ANF). As for Coach's shares, after today's spike it's even harder to call them cheap, even if earnings for the current fiscal year (which ends next June) are better than current expectations. But even if you're not jumping on shares today, Coach's solid brand, great financial performance, ambitious foreign growth strategy, and nice little dividend make this is a stock that investors should have on their radar.

Interested in more info on Coach? Add it to your watchlist here by clicking here.

Coach is a Motley Fool Stock Advisor pick. Fossil is a Motley Fool Hidden Gems recommendation. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors.

Fool contributor Matt Koppenheffer does not own shares of any of the companies mentioned. You can check out what Matt is keeping an eye on by visiting his CAPS portfolio, or you can follow Matt on Twitter @KoppTheFool or on his RSS feed. The Fool's disclosure policy assures you no Wookiees were harmed in the making of this article.