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: What an open for shares of Red Robin Gourmet Burgers (Nasdaq: RRGB)! Shares spiked 10% at the open, only to fall into negative territory and finally recover some gains.

So what: Of note today is the company's solid earnings beat, which was announced last night after the market closed. Revenue reached $215.8 million as restaurant sales increased 3.1%, and earnings per share of $0.48 crushed analyst's estimates of $0.36.

Now what: The bottom line is that consumers are spending more per visit, and that's great for Red Robin. I'm still not seeing a lot of value in shares after today's jump, with a forward P/E ratio of 19.3 and revenue growth of only 7%. Despite the good quarter, Red Robin is just too expensive for this Fool to jump in.

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