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 fashion accessories maker Fossil (Nasdaq: FOSL) soared 30% today after its quarterly results and outlook easily topped Wall Street expectations.

So what: The stock was hammered 40% in early May after management cut its outlook due to weakness in Europe and Asia, but a clear second-quarter beat -- EPS of $0.92, versus the consensus estimate of just $0.78 -- coupled with a better-than-expected outlook for 2012 takes some sting out of that beating. While persistent trouble in Europe has weighed heavily on the space, Fossil's strong results are lifting the turnaround hopes of other luxury brands like Coach (NYSE: COH) and Movado Group (NYSE: MOV), whose shares are up 4% and 13%, respectively.

Now what: For the full year, management now sees adjusted EPS of $5.29 to $5.34, ahead of Wall Street's estimate of $5.28. "We believe we are well positioned in the second half of the year to execute our growth strategies and capitalize on our owned infrastructure and exceptional talent to further advance our market penetration for fashion watches and accessories worldwide," said CFO Mike Kovar in a statement. With the stock still well off its 52-week highs even after today's huge rally, there might even be some time to buy into that bullishness.

Interested in more info on Fossil? Add it to your watchlist.

Fool contributor Brian Pacampara owns no position in any of the companies mentioned. The Motley Fool owns shares of Movado Group, Fossil, and Coach. Motley Fool newsletter services have recommended buying shares of Fossil and Coach. Motley Fool newsletter services have recommended shorting Fossil. The Motley Fool has a disclosure policy. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. Try any of our Foolish newsletter services free for 30 days.