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 Spectrum Brands (NYSE: SPB) soared close to 13% in early trading after reporting a healthy third-quarter profit that beat consensus estimates by $0.07 a share.

So what: The consumer-durables specialist, whose products include Remington shavers and Rayovac batteries, reported a 23% rise in Q3 revenue, to $804.6 million. Adjusted profits increased 35% to $0.66 a share. Analysts were expecting $0.59 on $790.3 million in revenue.

Now what: The blowout and ensuing rally seems well deserved. But with the stock now trading for almost 13 times forward earnings-- a noticeable premium to the earnings growth rate analysts expect -- investors buying here need to know they’re buying with a presumption for outsized growth. Are you OK with the premium? Weigh in using the comments box below.

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

Fool contributorTim Beyers is a member of theMotley Fool Rule Breakers stock-picking team. He didn’t own shares in any of the companies mentioned in this article at the time of publication. Check out Tim'sportfolio holdings andFoolish writings, or connect with him on Google+ or Twitter, where he goes by @milehighfool. You can also get his insightsdelivered directly to your RSS reader.

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