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 specialty materials manufacturer Ferro (NYSE: FOE) made some friends today and gained as much as 15.4% on modest trading volume.

So what: The stock is bouncing off a 52-week basement floor thanks to a surprisingly positive housing report. Ferro doesn't build houses or cast concrete foundations but provides chemicals to makers of actual building materials on a large scale.

Now what: Fellow Fool Travis Hoium likes the profit trends in Ferro and thinks the stock deserves much better than this 66% year-to-date share-price swoon. There are certainly more direct plays on a housing recovery than this one, but the price is right if you believe in the company. One word of warning before diving in with both feet: Ferro's balance sheet is cash-poor and heavy in debt, and the company needs to turn its negative cash flows around to avoid a very serious cash crunch.

Interested in more info about Ferro? Add it to My Watchlist.