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 online travel company Expedia (NASDAQ:EXPE) soared 13% today after its quarterly results easily topped Wall Street expectations.

So what: The stock has rebounded nicely since its late-July beating on improving fundamentals, and today's fourth-quarter results -- earnings per share jumped 46% on a revenue increase of 18% -- only reinforce that turnaround optimism. In fact, Expedia's gross bookings surged 21% and the number of hotel room nights climbed 25%, giving analysts plenty of good vibes over its growth trajectory in 2014.

Now what: Wall Street doesn't expect Expedia's operating momentum to slow anytime soon. "With 3 strong transaction brands including Expedia, Hotels.com and Hotwire, and its additional exposure to Asia through ownership in eLong and a joint venture with Air Asia, Expedia should benefit from an increasing percentage of travel bookings migrating Online," noted Bank America analyst Justin Post. "We expect 8-10% growth in normal travel markets, and we see a 10-18x P/E multiple as reasonable." Of course, with the stock now up about 65% from its 52-week lows, I'd wait for some of the exuberance to fade before betting on that bullish view.

This article represents the opinion of the writer, who may disagree with the “official” recommendation position of a Motley Fool premium advisory service. We’re motley! Questioning an investing thesis -- even one of our own -- helps us all think critically about investing and make decisions that help us become smarter, happier, and richer.