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 Movado Group (NYSE: MOV) soared 18% today after the luxury watchmaker's quarterly results and guidance topped Wall Street expectations.

So what: Movado's blowout second-quarter -- EPS of $0.32 versus the consensus of just $0.18 -- and upbeat full-year guidance reinforces optimism over the strength of its brands even in the weak economy. Additionally, the company's gross margin improved to 55.7% from 53.8% on a reduction in costs, giving investors plenty of confidence about profitable growth going forward.

Now what: Management now sees full-year 2013 EPS of $1.40, up nicely from its prior view of $1.15, and expects sales to grow 10% to $510 million. "Our expansion strategies, strong operating infrastructure combined with the disciplined management of expenses and inventory has provided us with a sustained platform to continue our growth during the balance of fiscal 2013 and in the future," said Chairman and CEO Efraim Grinberg. Of course, with the stock surging to a new 52-week high today -- now up a whopping 160% over the past year -- and trading at a 20-plus P/E, much of that optimism might already be baked into the price.

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