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 Demandware (UNKNOWN:DWRE.DL) are up nearly 9% today, after peaking at an 11% gain this morning. The stock is enjoying renewed interest after beating Wall Street's expectations on top and bottom lines.

So what: Demandware's revenue for the fourth quarter came in at $26.3 million, and its adjusted earnings per share were $0.10. Both results beat the analyst consensus, which sought $23.5 million in revenue, and $0.03 in EPS. This big beat was due to impressive growth on a number of key metrics. For the full year, Demandware's live customer base increased 50%, its live sites under management grew 60%, and twice as many customers (14) drove $100 million in gross merchandise sales in 2012 as it did in 2011. Subscription revenue grew 40% year over year in the fourth quarter, and a number of well-known new customers came on board.

Now what: This sort of growth often gets the market to sit up and pay attention. However, Demandware is still losing money on a GAAP basis, and has only a sliver of positive free cash flow. It's worth keeping your eye on the company, but today might not be the best time to open (or increase) a position.