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 countertop maker Caesarstone Sdot-Yam Ltd (NASDAQ:CSTE) jumped 17% today after reporting earnings.

So what: Fourth-quarter revenue was up 27%, to $96.8 million, and net income jumped 58%, to $17.0 million, or $0.48 per share. Analysts were only expecting $87.6 million in revenue and $0.40 in earnings per share, so the company easily topped estimates. 

Now what: Momentum in the U.S. housing market is strong, and the company is now providing quartz countertops to all 38 IKEA stores in the U.S. Management also expects 2014 to be strong, helped by macroeconomic factors. My only concern is the 25 forward P/E ratio, which is a steep price to pay for the stock. If shares pull back, I'd be interested in jumping in, but right now, that's just too expensive for me to get too excited.