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 Garmin Ltd. (NASDAQ:GRMN) were navigating higher today, climbing as much as 12% on a strong fourth-quarter earnings report.

So what: The maker of GPS devices and other gadgets posted a profit of $0.76 a share, ahead of expectations of $0.62. Revenues dipped slightly, falling 1.1% to $759.7 million, but that was much better than expectations of $712.8 million. Despite the secular decline in personal navigation devices, Garmin has found stability in its outdoor, fitness, aviation, and marine segment, sales of which grew 14% in the quarter.  That shift has enabled gross margins to expand, lifting profit from $0.68 a year ago to $0.76.

Now what: Garmin shares hit a 52-week high on the news, and the company plans to up its already strong dividend by 6.7%. Further instilling investor confidence was the company's outlook, which projects revenue of $2.6 billion to $2.7 billion, and EPS of $2.50-$2.60 for 2014. Analysts had been eyeing sales of $2.58 billion on EPS of $2.56. While Garmin's strong growth days are clearly past it, the company seems to have found its niche in specialized navigation devices and, with its near-4% dividend yield and share buybacks, the stock looks like a solid value play for the foreseeable future.