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: OfficeMax (NYSE: OMX) shares are up more than 16% today after the company reported better than expected earnings.

So What: OfficeMax's Q3 earnings per share soared to $0.23, up from $0.08 last year, and nearly double what Wall Street analysts' had expected. The company's earnings increase was driven by cuts to customer acquisition and retention costs.

Now What:. The company's Q3 sales dropped another 1%, as compared to Q3 2009, which was in turn down more than 12% form Q3 2008. Without sales growth in 2011, the company may face tough earnings comparisons.

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Fool contributor, April Taylor, does not own shares of the companies mentioned. 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. The Motley Fool has a disclosure policy.