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 Sealed Air (NYSE:SEE), best known as the maker of bubble wrap, jumped as much as 20% today after the company reported earnings.

So what: Fourth-quarter revenue rose slightly to $1.98 billion and came in ahead of the $1.94 billion analysts expected. Earnings per share of $0.34 were $0.05 better than estimates, which was really what got investors excited today.  

Now what: The quarterly results were a surprise, but I'm taking a cautious look given the $1.10- to $1.20-per-share profit estimate for next year. That puts the stock near a 20 forward P/E multiple, a steep price for a company that's barely growing. I'll stay away from this pop today and look for a better entry point in the future.

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