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 online marketer ValueClick (Nasdaq: VCLK) jumped as much as 16% in intraday trading after the company had a strong fourth-quarter earnings report.

So what: For the quarter, ValueClick reported year-over-year revenue growth of 17% and earnings per share that climbed 30% to $0.26. Both revenue and earnings solidly beat analysts' estimates. The heady earnings-per-share growth stemmed from the revenue growth combined with cost controls -- including lower year-over-year general and administrative spending -- and a lower share count.

Now what: ValueClick didn't stop there, though. The company also announced first-quarter guidance that cheered investors further. It sees revenue coming in at a midpoint of $112 million and earnings per share notching between $0.16 and $0.17. The revenue guidance is above analysts' estimates, while the expected earnings per share are roughly in line. Trading at just over 20 times current analysts' estimates for full-year 2011 earnings, ValueClick isn't an especially cheap stock. But after 38% growth in earnings per share in 2010, there's little wonder why growth investors might find the stock interesting.

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ValueClick is a Motley Fool Big Short short-sale selection. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors.

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 CAPS portfolio, or you can follow Matt on Twitter @KoppTheFool or on his RSS feed. The Fool's disclosure policy prefers dividends over a sharp stick in the eye.