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 enterprise data organizer Informatica (Nasdaq: INFA) spiked as much as 12% in early trading today before falling back to more modest gains.

So what: Last night's fourth-quarter report easily beat Street estimates, and the next-quarter outlook was right in line with consensus estimates. Management sees cloud computing and social networks as the best growth drivers it has going in 2011.

Now what: Informatica is checking off all the right buzzwords and showing plenty of business muscle, but that doesn't necessarily make the stock a great buy. Shares are trading at 63 times trailing earnings even after last quarter's outperformance, and Informatica is very expensive relative to rivals such as SAP (NYSE: SAP) and IBM (NYSE: IBM). Then again, those behemoths can't measure up to Informatica's accelerating growth. You need a high risk tolerance to go there, but sometimes you get exactly what you pay for.

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