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.

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This article represents the opinion of the writer, who may disagree with the “official” recommendation position of a Motley Fool premium advisory service. We’re motley! Questioning an investing thesis -- even one of our own -- helps us all think critically about investing and make decisions that help us become smarter, happier, and richer.