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 surgical tools specialist Cooper Cos. (NYSE: COO) climbed as high as 10% today after its quarterly results and guidance topped Wall Street expectations.

So what: The stock has rallied over the past year on strong growth, and today's wide third-quarter beat -- adjusted EPS of $1.45 versus the consensus of just $1.29 -- coupled with an upbeat full-year outlook, suggests that the momentum isn't about to slow anytime soon. Gross margins also widened to 63% from 58% in the year-ago period, giving investors plenty of optimism over profitable growth going forward.

Now what: Management now sees full-year adjusted EPS of $5.19-$5.24 on revenue of $1.44 billion-$1.45 billion, nicely ahead of Wall Street's estimate of $5.05 and $1.43 billion, respectively. "Our business continues to perform well and we remain optimistic about continuing to deliver strong results," said President and CEO Robert Weiss. Of course, with the stock busting through its 52-week high today and trading at a 20-plus P/E, I'd need a larger margin of safety before buying into that confidence. 

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