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 fashion company Michael KorsĀ (NYSE:CPRI) climbed 10% today after its quarterly results and guidance topped Wall Street expectations.

So what: Kors' third-quarter results -- EPS jumped to $0.64 from $0.20 in the year-ago period on a 70% spike in revenue -- and full-year guidance were so strong that analysts have no choice but to raise their valuation estimates yet again. In fact, same-store sales for the quarter jumped an impressive 44%, giving investors plenty of confidence in its ability to expand profitably going forward.

Now what: Management now expects full-year EPS of $1.80 to $1.82 on revenue of $2.1 billion, up nicely from its prior view of $1.48 to $1.50 and $1.86 billion to $1.96 billion. "Overall, we believe that the Michael Kors brand is ideally positioned within the global luxury lifestyle market and we look forward to delivering on our long-term objectives," said Chairman and CEO John Idol. Of course, with the stock hitting a new 52-week high today and trading at a forward P/E of 30, much of that bullishness might already be baked into the price.

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