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 company Elizabeth Arden (Nasdaq: RDEN) surged 18% today after its quarterly results and guidance topped Wall Street expectations.

So what: Elizabeth Arden's fourth-quarter profit sank 33% on a few one-time charges, but a wide beat on its adjusted EPS -- $0.28 versus the average estimate of just $0.20 -- coupled with an upbeat outlook for the full year, is prompting analysts to raise their price targets yet again. Strong international sales growth continues to fuel margin expansion even amid the global slowdown, suggesting that the company's brands -- which include Elizabeth Taylor and Justin Bieber fragrances -- are relatively immune to a cutback in consumer spending.

Now what: For the full year, management now sees EPS of $2.55-$2.70 on sales growth of 13.5%-15%, well ahead of Wall Street's view of $2.37 and 5%, respectively. "As we look ahead, our priorities are focused on accelerating the global growth of the Elizabeth Arden brand, expanding sales of our fragrance portfolio, particularly in Europe, integrating and growing our newly acquired fragrance brands, and continuing to drive operational efficiencies," Chairman and CEO E. Scott Beattie said. Of course, with the stock busting through a new 52-week high today and trading at a forward P/E of almost 20, I'd wait for a decent pullback before buying into that bullishness. 

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