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 Harry Potter publisher Scholastic Corporation (Nasdaq: SCHL) jumped 10% today after the company released earnings.

So what: Revenues rose slightly to $545.8 million but easily topped the $511 million analysts had expected. Earnings per share of $0.82 from continuing operations also beat the $0.76 analysts had expected.

Now what: This ends fiscal 2011 and the publisher expects 2012 revenues to be between $1.9 billion and $1.91 billion, while earnings per share should be between $1.75 and $2.10. At the high end of that range shares would be priced at 13.7 times earnings. That is a little more than I’d like for a company with little to no growth, but if shares pull back in coming days these results may help make them look more attractive.

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