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 Kors (NYSE:KORS) 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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Fool contributor Brian Pacampara has no position in any stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. 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.