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 iRobot (Nasdaq: IRBT), which makes the Roomba vacuum cleaner along with military robots, surged 17% today after its quarterly results and full-year forecast thumped Wall Street expectations.

So what: iRobot's third quarter was so impressive -- EPS nearly doubled to $0.50 on 28% revenue growth -- that investors are being forced to considerably boost their valuation estimates. The company is seeing particularly strong global demand for its home robot products (sales in the segment surged 56%), suggesting that its international prospects might be a lot more potent than Mr. Market gives it credit for.

Now what: Don't expect the positive momentum to slow anytime soon. Because of strong current-quarter performance, iRobot even raised its full-year earnings outlook by 25% -- its second forecast increase this year -- on total revenue of $465 million to $470 million. iRobot's 30-ish P/E doesn't exactly look cheap, but if management continues its guidance-boosting behavior, it might end up being a steal.    

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