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 Allied Nevada Gold (AMEX: ANV) jumped 12% after the company released earnings.

So what: Revenue from gold and silver increased to $31.5 million from $16.2 million last year. Net income was $6.6 million in the fourth quarter, or $0.07 per share, beating the analyst earnings estimate of $0.05 per share.

Now what: The company is also working on an oxide expansion project at Hycroft, which is expected to increase gold production to 260,000 ounces annually by 2012. Allied Nevada Gold has a lofty forward P/E ratio of 48, but if the expansion project lives up to expectations, the price could be worth it. I am cautiously optimistic on today's results but would like to wait for the market exuberance to die down before jumping into the stock.

Interested in more info on Allied Nevada Gold? Add it to your watchlist.

Fool contributor Travis Hoium does not have a position in any company mentioned. You can follow Travis on Twitter at @FlushDrawFool, check out his personal stock holdings or follow his CAPS picks at TMFFlushDraw.

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