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 Universal Health Services (NYSE: UHS) jumped as much as 14.5% today to reach a new 52-week high after the company announced earnings.

So what: Revenue rose 42% to $1.91 billion, in line with expectations, but net income is what goosed investors this morning. Net income reached $114.2 million, or $1.15 per share, beating estimates of $0.94 by analysts.

Now what: Not only did earnings per share beat expectations, Universal Health Services expects full-year 2011 EPS to be between $3.85 and $4.00, above the $3.72 analysts had expected. After the acquisition of Psychiatric Solutions last year, the company looks to be firing on all cylinders already. At the high end of estimates, the stock currently trades at a 13.5 multiple of 2011 earnings, a multiple that I think can go higher after today's results.

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