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 shoemaker Brown Shoe (NYSE: BWS) stomped 10% higher today after the company gave a presentation to investors.

So what: Investor presentations often just reiterate things investors already know and like about a company, what brands is has, and what the strategy is. In this case, however, Brown Shoe gave earnings guidance of $1.31 to $1.43 per share for 2011, while analysts were expecting $1.31.

Now what: The company has topped expectations for the past three quarters, and it looks like expectations were a little low for 2011 as well. I like the low trailing price/earnings ratio of 15.6 and very low forward price/earnings of 10.6, even at the low end of the company's range. Brown Shoe is just the kind of value I want to see, and improving conditions are leaving me nothing but bullish on this stock.

Interested in more info on Brown Shoe? Add it to your watchlist.

Fool contributor Travis Hoium does not have a position in any company mentioned. You can follow Travis on Twitter at @FlushDrawFool, check out his personal stock holdings or follow his CAPS picks at TMFFlushDraw.

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