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 beauty retailer Ulta Salon (Nasdaq: ULTA) jumped as much as 14% in early trading today after the company reported earnings last night.

So what: First-quarter revenue jumped 21%, to $386.0 million, easily passing estimates of $371.6 million. Earnings per share also surprised investors, reaching $0.37, $0.06 ahead of estimates.

Now what: Second-quarter guidance was also slightly ahead of expectations, so the beauty industry is in a strong position right now. I'm a little leery of the valuation of Ulta Salon, trading at 28 times forward earnings, but the company's solid growth warrants a high price. I don't see enough value to jump into shares today, but the improving results are encouraging for current shareholders.

Interested in more info on Ulta Salon? 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.

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