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 travel deal specialist Travelzoo (Nasdaq: TZOO) were partying hard today, gaining as much as 29% after the company reported first-quarter results.

So what: The results out of Travelzoo were pretty darn solid. Revenue for the quarter was up 30% from last year to $37 million, which beat the $33 million that Wall Street analysts were looking for. Earnings per share -- after adjusting for a legal settlement -- also topped estimates. Non-GAAP EPS of $0.37 was up 147% year over year and well ahead of the $0.28 expectations.

Now what: To say that Travelzoo isn't exactly a value investor's ideal stock is a pretty serious understatement. Currently, the stock is changing hands at roughly 78 times expected 2011 earnings per share, which implies some very hefty growth expectations. While the results today are certainly eye-catching, I find myself siding with the members of The Motley Fool's CAPS community, where shares currently have a bottom-rung, one-star rating.

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Fool contributor Matt Koppenheffer does not have a financial interest in 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.