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 office furniture maker Steelcase (NYSE: SCS) climbed 10% today after its quarterly results topped Wall Street expectations.

So what: Driven by double-digit revenue growth and successful cost-cutting measures, Steelcase posted a fourth-quarter profit of $10.4 million, or $0.08 per share, versus a year-ago loss of $0.10 per share. Despite the economy showing only moderate improvements of late, Steelcase CEO James Hackett noted that demand for office furniture "has grown significantly over the past few quarters."

Now what: I'd wait for a pullback before jumping into Steelcase. The stock is approaching the 52-week highs it set two months ago and now trades at a forward P/E of about 20. That's not super-expensive, but when you consider Steelcase's hefty debt load and history of low single-digit operating margins, requiring a larger margin of safety seems prudent.

Interested in more info on Steelcase? Add it to your watchlist.

Fool contributor Brian Pacampara owns no position in any of the companies mentioned. Try any of our Foolish newsletter services free for 30 days.

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