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 Vipshop Holdings Ltd (NYSE:VIPS) were at it again, jumping as much as 14% today after a strong third-quarter earnings report.

So what: The Chinese online discount retailer topped earnings estimates by $0.05, with an adjusted per-share profit of $0.26. Revenue also beat expectations, growing 146.1% to $383.7 million, while analysts had expected sales of just $364.7 million. The number of Vipshop's active customers shot up 131.7% to 4 million and total orders increased 116%. Margins improved significantly as well, as CEO Eric Shen noted "strong improvements in scale, warehousing capacity, merchandizing, and logistical expertise and mobile capabilities." Increases in brand and product selections also seemed to drive the sales growth.

Now what: Forward guidance didn't disappoint either, as the company is expecting revenues of $580 million to $590 million in the fourth quarter, nearly double the sales it had a year ago. Meanwhile, analysts had projected sales of $532.6 million. The juggernaut continues for Vipshop as shares have increased about 600% in the last year. The valuation is high, but the retailer's triple-digit sales growth seems to justify it, and profits are quickly following. Based on 2014 profits, shares are trading at a reasonable P/E of 41, and analysts are likely to boost estimates after this latest beat. I'd expect Vipshop to keep moving higher as its sales and market power increase.