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 Latin American e-commerce company MercadoLibre (NASDAQ:MELI) popped 10% today after its quarterly results easily topped Wall Street expectations.

So what: The stock has soared over the past year on better-than-expected growth, and today's Q2 results -- profit rose 18% on a 38% revenue jump -- only reinforce those tailwinds. In fact, the quarter marks the second straight in which management saw accelerating growth in sold items (27% more items at 20.1 million), prompting analysts to increase their valuation estimates yet again.

Now what: Don't expect the operating momentum to slow any time soon. "We continue to focus on improving the user experience on our platform, making it easier for consumers in the region to transition to on-line commerce," said CEO Marcos Galperin in a statement. "We are pleased with our results thus far, and remain excited about the opportunity ahead of us." Of course, with the stock now up almost 100% from its 52-week lows and trading at a forward P/E of 40, I'd wait for some of the exuberance to fade before buying into those prospects.