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 Cabela's (NYSE: CAB) surged as much as 15% in early trading after reporting better than expected fourth quarter profit on expanding gross margins.

So what: Revenue improved 8.4% to $934 million. Adjusted profits improved 16.9% to $0.86 a share. Analysts were expecting $907.68 million and $0.79 a share, respectively, from this outdoor equipment retailer.

Now what: Cabela's organic performance is what most impressed investors. Same-store sales rose 7.3%. Gross margins expanded to 39.9% from 38.6% in last year's first quarter, suggestive of efficiency, pricing power, or perhaps both. Either way, Cabela's is a healthier business today than it was a year ago.

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