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 Elizabeth Arden (NASDAQ: RDEN) are up over 8% today after topping out above 10% in afternoon trading. The market seems to be pleased with a decent earnings report and the same forward guidance as was issued previously, because at least it's better than being surprised with lousy reports and weak guidance.

So what: Arden's revenue came in at $264.5 million, a 10.5% year-over-year improvement, and slightly ahead of the $261.2 million Wall Street consensus. Earnings of $0.02 per share were in line with the Street's expectations. Arden's holding its full-year revenue guidance of $1.35 billion to $1.37 billion, which tops out at the consensus estimate of $1.37 billion. The company's earnings guidance ranges from $2.30 to $2.50 per share, which is well-placed at points between the consensus estimate of $2.41 in EPS. The big surprise was 33% sales growth in Europe, because when do we ever hear anything about a company doing well in Europe these days?

Now what: If Arden can turn around its weakening profit, there may be some upside left to the stock. Strong double-digit growth in Europe is practically unheard of, but is this a one-time surge or the start of a sustainable trend? If eurozone sales weaken in the coming quarter, it's likely to undo all of these good feelings, so it's worth checking up on Arden's long-term European opportunities before deciding that this is a good entry point.

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