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 Internet discount travel company Travelzoo (Nasdaq: TZOO) jumped as much as 11% today after an analyst said investors were the ones getting a discount.

So what: Morgan Keegan analyst Justin Patterson thinks shares of Travelzoo are an "attractive" buy after coming off its all-time high in April. The company's fast expansion into new markets and an increase in subscribers last quarter should drive the stock higher, according to the analyst.

Now what: Local Deals was also cited as a driver of growth as the service expanded to more markets. After last quarter's results, analysts have been racing to increase estimates, and Morgan Keegan may be right that this is a buying opportunity. But buying here isn't for the faint of heart, because shares still trade at 47 times 2011 estimates. That's a steep price even for a growth stock.

Interested in more info on Travelzoo? Add it to your watchlist.