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: Shutterfly (Nasdaq: SFLY) popped 22% in intraday trading today after its outlook included much better than expected revenue growth.

So what: Management expects revenue in the second quarter of $68 million to $72 million, about 22% greater than the consensus forecast of $57.6 million. For 2011, management expects revenue of $468 million to $478 million, about 19% greater than the consensus forecast of $396 million.

Now what: The outlook also indicated management expects lower profits than analysts had forecast. For the second quarter, Shutterfly expects EPS of a loss of $0.35 to $0.46, compared to the consensus of a loss of $0.22. For 2011, Shutterfly expects EPS of $0.39 to $0.44, compared to the consensus of $0.78. Management guidance points to an EPS decline in 2011 from 2010's $0.59, making it hard to justify the stock's P/E ratio of 132 times.

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Fool contributor Cindy Johnson does not own shares of any company named above. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.