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.

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