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 mattress specialist Mattress Firm (Nasdaq: MFRM) were looking mighty springy today, as they bounced up as much as 21% in intraday trading after an optimistic earnings report.

So what: Earnings season is here, and the jump for Mattress Firm is a reminder of just how excited investors can get after a strong quarterly showing. For the quarter ended in January, Mattress Firm managed to post a $0.56-per-share profit, which was not only a lot better than the loss it reported in the same quarter last year, but also far better than the $0.19 estimate that analysts had expected. And while that might have been enough to get investors stoked, the company also projected earnings per share of between $1.40 and $1.48 for fiscal 2013. That's notably higher than the $1.37 that Wall Street had estimated.

Maybe a lesser driver of today's stock pop, but notable nonetheless, is that Mattress Firm also acquired privately held Mattress Giant for $47 million.

Now what: Everyone needs a mattress, so there's a definite need for good mattress retailers. And if Mattress Firm's earnings report is any sign, it certainly appears it's been doing something right lately.

But does that mean that I'm going to chase today's screaming gains? Nope. Mattress Firm just went public last November, and the stock has been a rocket shot ever since, soaring from the IPO price of $19 to today's $44-and-change. With the stock now trading at more than 30 times the midpoint of the company's projected 2013 earnings, I wouldn't be able to sleep well being a buyer today.

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Fool contributor Matt Koppenheffer has no financial interest in any of the companies mentioned. You can check out what Matt is keeping an eye on by visiting his CAPS portfolio, or you can follow Matt on Twitter, @KoppTheFool, or on Facebook. The Fool's disclosure policy prefers dividends over a sharp stick in the eye.