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 Deckers Outdoor (NYSE:DECK) were stepping up to the next level today, climbing as much as 14% on a better-than-expected earnings report.

So what: The maker of Ugg boots and other footwear and accessories said that net income actually fell 23%, to $2.77 a share, but beat estimates of $2.57 a share. The formerly high-flying stock also raised investor confidence by saying that retail trends would improve this year, and it expected Ugg sales, which contributes the vast majority of revenue, to grow after a slight decline in 2012. For the quarter, revenue increased just 2%, to $617.3 million.

Now what: Sales in Q4 were boosted by the holiday shopping season and the seasonality of the wintry Ugg boots. For the first quarter, the company is actually forecasting a loss of $0.12 a share, and revenue below analyst estimates. Price increases for sheepskin and other raw materials have crunched margins, causing profits to fall even as sales remain flat. Investors clearly believe in a turnaround, but I'd like to see earnings moving in the right direction first.

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