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 hip retailer Urban Outfitters (Nasdaq: URBN) were up 11% in intraday trading as investors admired third-quarter earnings.

So what: What do any of us really want from the companies that we own? We want them to sell more of whatever they sell and show us more profit while doing it. Go ahead and check both boxes for Urban Outfitters for the third quarter. Year-over-year total sales increased 13% while diluted earnings per share were up 19%. The $0.43 in per-share earnings edged past analysts' average $0.42 estimate, though sales fell short of Wall Street's mark.

Now what: I tend to not get overly excited about share buybacks because management teams aren't always as disciplined with their buying as shareholders might like. That said, judging by buyback activity, Urban Outfitters' management certainly seems to be optimistic lately. During the third quarter, the company snapped up 4.3 million shares at an average price of $31.06, which brought the company's 2010 buyback total to 6.3 million shares. While I'd hesitate to call shares cheap right now, the stock has rarely traded at bargain multiples and historically has fetched an even loftier valuation. That said, just last month my fellow Fool Andrew Bond put his foot down and said that this retailer's shares were on sale.

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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 Motley Fool CAPS portfolio, or you can follow Matt on Twitter @KoppTheFool or on his RSS feed. The Fool's disclosure policyassures you no Wookiees were harmed in the making of this article.