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 home decor retailer Kirkland's (NASDAQ:KIRK) spiked 10% this morning after its quarterly results and outlook excited Wall Street.

So what: The stock has soared over the past year on a string of market-topping quarters, and today's third-quarter results -- EPS of $0.06 beat estimates by $0.04 on revenue growth of 10% -- coupled with upbeat guidance only reinforce that momentum. Unfortunately for shareholders, most of the initial excitement over the report has worn off (the stock is now up only 2% at the time of writing), suggesting that it's getting tougher to impress Mr. Market given the stock's recent surge.

Now what: Management now sees full-year EPS of $0.90-$0.95, up from its prior view of $0.80-$0.90 and pretty much in line with Wall Street's forecast of $0.91 per share. "Our plan for fiscal 2014 is to continue to build on our momentum with growth in sales, margin improvement, the execution of our multi-channel strategies and further investments in branding and e-commerce," CEO Robert Alderson said. "We also believe that fiscal 2014 is an opportune time to begin a more aggressive approach to store growth." Of course, with Kirkland's shares still up about 170% from their 52-week lows even after the midday pullback, I'd wait for a wider margin of safety before betting on that bullishness.