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 Cubist Pharmaceuticals (Nasdaq: CBST) jumped 10% today after the company released earnings.

So what: Revenue rose 24% to $201.7 million on better than expected sales of Cubicin antibiotic injection. Earnings per share hit $0.33 per share, $0.02 higher than estimates, and Cubist raised its 2011 revenue outlook to $740 million to $745 million.

Now what: Analysts were only expecting 2011 revenue of $711.7 million, so sales are vastly outpacing expectations. A forward P/E ratio of more than 24 is a bit too much for this Fool considering the earnings beat was only by $0.02. Nevertheless, the news is positive for Cubist after a disappointing second quarter.

Interested in more info on Cubist Pharmaceuticals? Add it to your watchlist by clicking here.

Fool contributor Travis Hoium does not have a position in any company mentioned. You can follow Travis on Twitter at @FlushDrawFool, check out his personal stock holdings or follow his CAPS picks at TMFFlushDraw.

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