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.

Fool contributor Travis Hoium does not have a position in any company mentioned. You can follow Travis on Twitter at @FlushDrawFool, check out his personal stock holdings or follow his CAPS picks at TMFFlushDraw.

Try any of our Foolish newsletter services free for 30 days. 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.