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 Travelzoo (Nasdaq: TZOO) surged more than 14% in early trading and remain up around 10% on news that Hurricane Irene wasn’t the disrupter it could have been.

So what: Most airlines that cancelled flights ahead of the storm have since restarted operations, including United Continental (NYSE: UAL), Delta (NYSE: DAL), and AMR Corp.’s (NYSE: AMR) American Airlines. Others commenting on the storm to Bloomberg compared Irene’s disruptive power to that of a winter blizzard.

Now what: Airlines cancelled more than 11,200 flights, a relative pittance when compared to the more than 20,000 trips cancelled during a Chicago-area blizzard that hit the week of Feb. 4. Add it up and you’ve got relieved travel investors buying back in at less than a third of Travelzoo’s 52-week high. Don’t be surprised if they’re richly rewarded. Do you agree? Would you buy at these levels? Weigh in using the comments box below.

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