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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 Eastman Chemical (NYSE: EMN ) jumped 14% today, after releasing third quarter earnings.
So what: Revenue jumped 25% to $2.26 billion, but was actually short of estimates of $2.35 billion. The big win was on the bottom line, where adjusted earnings per share were $1.57, ahead of the $1.42 that analysts expected.
Management also said it expected to earn $5.30 to $5.40 per share for the year, which is ahead of the consensus of $5.26.
Now what: This is the second straight earnings beat for Eastman, and the stock is still looking attractive. Shares are trading at just 9.8 times forward earnings and, considering the company's current execution, I think there's significant upside. Slow global growth could put a wrench in results, but, if the economy picks up after the fiscal cliff fiasco, we could see continued strong improvement in results.
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