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 packaging company Sealed Air (NYSE:SEE) jumped as much as 10% today after reporting earnings.

So what: Revenue was up 2%, to $1.96 billion, and the company swung from a loss a year ago to net income of $56.3 million, or $0.26 per share. That was $0.10 better than analysts expected, and when management said the company was tracking toward the high end of the $1.10 to $1.20 per share full-year earnings guidance, investors pushed the stock higher. 

Now what: The company is still seeing a weak global economy, but Asia is driving growth, and the company sees improving demand as the year moves on. The challenge is that the company is still trading at 25 times the high end of this year's earnings estimates, a steep price given the slow growth rate. I think that's too expensive despite the earnings beat, and I'll sit out the move higher today.

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