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 Valassis Communications (NYSE: VCI) jumped as much as 12% early in trading today before falling to about flat as of this writing.

So what: The trading pattern is very curious considering that the company announced solid guidance for 2012 this morning. Management is expecting diluted earnings per share to be $3.07 and diluted cash earnings per share of $3.97 in 2012. Analysts expect earnings of $2.99 per share next year.  

Now what: The pop made some sense with the company guiding above expectations, but the drop later in trading is a bit puzzling. Shares are trading at just 6.6 times forward diluted earnings per share, a steal for most companies. If you were looking to jump in to shares, this looks like a good opportunity considering the strong guidance for next year.

Interested in more info on Valassis Communications? Add it to your watchlist by clicking here.