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 apparel retailer Michael Kors Holdings (NYSE: KORS) climbed 15% today after its quarterly results and outlook easily topped Wall Street estimates.

So what: The stock has been volatile in recent months on concerns over a cutback in global consumer spending, but a wide first-quarter beat -- EPS of $0.34 versus the consensus of just $0.20 -- coupled with blowout guidance for 2013, is quickly easing those worries. In fact, quarterly same-store sales in Europe and North America surged 24% and 38%, respectively, while gross margins widened, giving investors plenty of optimism about the company's brand appeal going forward.

Now what: Management now sees full-year EPS of $1.32-$1.34 on revenue of $1.8 billion-$1.9 billion, up nicely from its prior view of $1.08-$1.12 and $1.7 billion-$1.8 billion, respectively. "Overall, we are extremely excited about the long term growth potential of our Company as we continue to build upon the success we achieved in establishing Michael Kors as a global luxury lifestyle brand," said Chairman and CEO John Idol. Of course, with the stock now up nearly 150% since its December IPO and trading at a forward P/E of 30, much of that growth might already be baked into the price. 

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