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 Elizabeth Arden (Nasdaq: RDEN) soared as much as 17% before closing up 15.5%. The cosmetics specialist reported strong results during its fiscal fourth quarter.

So what: Revenue improved 11% to $253.8 million while per-share more than doubled to $0.18 from last year's $0.08. Analysts had been expecting a $0.10 profit on $242.8 million in revenue, according to data compiled by Yahoo! Finance.

Now what: The company also agreed to acquire a collection of beauty brands from peer Liz Claiborne (NYSE: LIZ) for $58.4 million in cash. Smart. With the stock trading for north of 21 times forward earnings, Elizabeth Arden needs all the growth she can buy to produce gains for shareholders. Do you agree? Disagree? Weigh in using the comments box below.

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