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 restaurant operator Bloomin' Brands (NASDAQ:BLMN) soared 15% today after its quarterly results and guidance topped Wall Street expectations.

So what: Bloomin's bottom line was hurt by costs related to its recent IPO and early debt repayments, but a wide beat on an adjusted basis -- EPS of $0.08 versus Wall Street's view of a $0.01 per-share loss -- coupled with upbeat full-year guidance reinforces optimism over its growth going forward. In fact, each of its domestic brands experienced 18-month same-store sales increases, suggesting that its restaurants, which include Outback Steakhouse, Carrabba's Italian Grill, and Bonefish Grill, aren't losing their appeal.

Now what: Management now sees 2012 adjusted EPS of $0.95 on revenue of $4 billion, versus Wall Street's view of $0.92 and $3.98 billion. "[C]ombination of sales and restaurant growth, coupled with the continued success of our productivity initiatives, leads us to believe that year-end results will be stronger than originally expected," Chairman and CEO Elizabeth Smith said in a statement. Given Bloomin's still-hefty debt load and today's double-digit stock price surge, however, I'd be extra careful about biting on that bullishness.

Interested in more info on Bloomin' Brands? Add it to your watchlist.

Fool contributor Brian Pacampara has no positions in the stocks mentioned above. The Motley Fool has no positions in the stocks mentioned above. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.