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 thesis.

What: Shares of Michael Kors Holdings Limited (CPRI 0.04%) were looking as stylish as ever, climbing as much as 22% and finishing up 17% after another blockbuster earnings report today.

So what: The fashion house was strutting its stuff down the runway once again, posting earnings per share of $1.11 on expectations of $0.86, while revenue jumped 57% to $1 billion, crushing estimates of $860 million. Comparable sales also sped ahead 28%, showing that growth came both organically and through expansion. The report was all the more impressive considering many retailers had complained of a poor holiday selling season, but Kors clearly thrived in spite of the broader weakness. CEO John Idol said the company had an "outstanding holiday season."

Now what: Perhaps most indicative of Kors' dominance and brand power is its huge operating margin, which hit 33.9% last quarter, an improvement over 32.2% a year ago. That's a sign of pricing power, and it's exactly what investors want to see in a high-end brand like Michael Kors. Fashion is notoriously fickle, but Kors is indisputably a company on the rise as it consistently blows earnings estimates out of the water. Even though shares are up over 60% in the past year, I'd expect them to keep moving north.