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 consumer-directed benefits (CBD) provider WageWorks (NYSE:WAGE) climbed 10% today after its quarterly results and outlook impressed Wall Street.

So what: The stock has soared over the past year on solid growth, and today's first-quarter results -- adjusted EBITDA climbed 47% on a 27% jump in revenue -- suggest that the trend isn't slowing. Additionally, an upbeat conference call from management highlighting the company's robust pipeline growth and improving end markets gives analysts some decent visibility into upcoming quarters.

Now what: For the full year, management now sees EPS of $0.32-$0.40 on revenue of $212 million-$214 million, both up nicely from its previous view. "Our unique dedication to pre-tax health and commuter benefits positions WageWorks well for continued growth, as these cost savings strategies are top of mind for employers, employees and their families," said CEO Joe Jackson. With the stock now up a whopping 170% over the past year, and trading at a forward P/E of 40, however, much of that growth might already be baked into the valuation.

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