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 Penske Automotive (NYSE: PAG) are up 11% today after the company released earnings and increased its dividend.

So what: Revenue grew 10.5% to $3 billion as new and used car prices increased. Earnings were also strong coming in at $0.62 per share, a full $0.20 higher than analysts estimated. Penske also said it would increase its quarterly dividend by a penny to $0.09 per share.

Now what: Auto sales are strong for most manufacturers, and if the economy can continue its tenuous recovery, this trend can continue. But I would watch the economic data and happenings in Europe for clues that auto sales might not continue to be strong. Consumer confidence still isn't high, and the auto consumer can crawl back in its shell at a moment's notice.

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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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