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What: Shares of sporting goods retailer Dick's Sporting Goods (NYSE: DKS) were doing the high jump today, gaining more than 14% in intraday trading as investors reacted to the company's third-quarter earnings report.

So what: Dick's looked like an all-star in the third quarter as adjusted earnings per share of $0.22 -- which excludes the impact of closing 12 Golf Galaxy stores -- easily outran the $0.17 that Wall Street was looking for. Revenue during the quarter also edged past expectations as the company showed same-store-sales growth of 5.1%.

Now what: To top off its resounding third-quarter victory, the company also raised guidance for the fourth quarter. At the midpoint of the range, management sees fourth-quarter earnings per share crossing the finish line at $0.70, ahead of analysts' $0.67 estimate and 25% above the tally from 2009. Of course the fourth quarter will be the one to watch at Dick's, as it's seasonally the biggest and most profitable quarter for the company. In the meantime, investors can try to figure out whether at today's price -- which is almost 22 times expected full-year earnings -- Dick's is still a worthwhile investment.

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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.