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 safety and environment services provider PerkinElmer (NYSE: PKI) climbed as much as 11% Friday after its quarterly results and full-year outlook topped Wall Street expectations.

So what: PerkinElmer's huge fourth-quarter beat -- adjusted EPS of $0.65 versus the consensus of $0.51 -- suggests that its Caliper acquisition is paying off much faster than expected. In fact, adjusted gross and operating margins grew 300 basis points and 200 basis points, respectively, giving investors plenty of optimism about the company's long-term profitability.

Now what: Looking ahead, PerkinElmer now sees 2012 adjusted EPS of $1.98-$2.04, which also topped Wall Street's estimate of $1.92. "The progress we made in 2011, both operationally and strategically, better positions us to make a dramatic impact on human and environmental health while continuing to deliver strong financial return," said CEO Robert Friel. Unfortunately, with the stock now up about 40% over just the past two months and flirting with its 52-week highs, Mr. Market might have already baked that optimism into the price. 

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