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 suit specialist Men's Warehouse (NYSE: MW) climbed by a handsome 17% on Thursday after raising its current-quarter guidance.  

So what: Management, which plans to report first-quarter results on June 8, upped its profit range roughly 60% to $0.47-$0.50 per share, easily topping the average analyst estimate of only $0.29 per share. Promotions and lower prices have been driving better-than-expected customer traffic, and with the shares touching new 52-week highs, investors are trying hard to keep up.  

Now what: I'd be cautious about riding this recent wave of momentum. Although the company's near-term outlook looks enticing, its historically low margins and returns on equity don't make it the most attractive long-term opportunity. And with the stock now trading at a PEG ratio of almost 2, Men's Warehouse isn't exactly a deep-value turnaround play, either.

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