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 Aaron's Inc. (NYSE: AAN) popped 15% in intraday trading today after the leaser and retailer of home furnishings and appliances reported better-than-expected fourth-quarter results and issued 2011 EPS guidance above the consensus estimate.

So what: Fourth-quarter EPS grew 23% year-over-year, to $0.38, beating guidance of $0.32 to $0.36 and the consensus estimate of $0.34. Even though management said the business environment is challenging, same-store sales increased 6.2%.

Now what: Management guided 2011 EPS to $1.61 to $1.77, up 12% to 23% and above the consensus estimate of $1.60. Adjusting 2010 EPS by $0.07 to account for charges related to the exit of the company's office furniture business suggests continuing operations will drive 2011 EPS growth of about 7% to 17%. Aaron's lease options could appeal to recovering, but still pinched consumers, and the stock appears reasonably valued at a forward P/E ratio of 13.4 to 14.7.

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