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 Retail Ventures (NYSE: RVI) jumped 17% today after DSW (NYSE: DSW) reported earnings that beat expectations.

So what: Since DSW is Retail Ventures' only operating investment and the companies will soon be merging, this move is really just a copycat of DSW. But since DSW reported earnings that crushed estimates, it's no wonder shares in both companies are rocketing higher today.

Now what: First quarter earnings per share of $0.85 beat estimates by $0.10 and are the main driver behind the news today. Retailers have been struggling lately, but DSW and Foot Locker (NYSE: FL) both reported outstanding earnings, so the footwear business isn't hurting. Maybe consumers are upgrading shoes before clothing, but whatever it is, footwear retailers are in a hot spot right now.

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