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.

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