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 beauty products retailer Ulta Beauty (Nasdaq: ULTA) jumped 10% today after the company released a strong earnings report.

So what: Ulta reported first-quarter sales of $474.1 million and earnings per share of $0.54. Both results were slightly above expectations, which were $473.9 million in revenue and earnings per share of $0.53.

Now what: Oppenheimer reiterated an outperform rating and increased its price target to $100, helping drive the stock today, but I'm not sure what analysts are seeing here. Results were barely better than estimates, and the stock still trades at 30 times forward earnings estimates. I'd like to see a lot more growth or a lot better value before jumping into this stock.

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