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 Tractor Supply (NASDAQ:TSCO) jumped 10% today, after the company released earnings.

So what: Sales rose 3.7%, to $1.29 billion, in the quarter, coming in just ahead of estimates. But earnings jumped 15.6%, to $1.11 per share, which was well ahead of the $1.03 estimate, giving a jolt to the stock.  

Now what: Management expects continued growth of $5.07 to $5.17 billion in revenue next year, and earnings of $4.32 to $4.40 per share. The continued strong operations are good for the company, but I'm a little worried about paying up for the stock. Shares closed at $103.67 today, indicating a 23.6 forward P/E ratio at the high end of estimates, a steep price even with good growth. I'll stay away for now, and wait for a better value in the stock.

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