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 O'Reilly Automotive (NASDAQ:ORLY) were speeding ahead today, gaining as much as 11%, and finishing up 9% on a strong earnings report.

So what: The auto-parts retailer said sales improved 9%, to $1.62 billion, topping estimates of $1.6 billion, while earnings also impressed, coming in at $1.40 against the consensus at $1.32. Same-store sales clicked up 5.4%, and finished its 21st consecutive year with positive comps. CEO Greg Henslee also said, "2014 was off to a strong start with the opening of our 25th distribution center," and projected 3% to 5% same-store sales growth for the current year.

Now what: For the full year, O'Reilly expects EPS of $6.74 to $6.84, in line with estimates at $6.78, and revenue of $7.0 to $7.2 billion against expectations of 7.06 billion. The company also forecasts 200 store openings, growing its base by about 5%. Another positive sign for the industry came from peer Advanced Auto Parts, which reported strong earnings today. With same-store sales growing and new stores coming on line, O'Reilly should steadily move higher during the next year.