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 Cooper Tire & Rubber (NYSE:CTB) were leaving the market in the dust today, gaining 13%, after an impressive earnings report.

So what: Thanks to lower rubber prices and cost-cutting efforts, profits rose more than four times from a year ago, to $1.17 a share. Analysts had called for just $0.86 a share. Revenue, meanwhile, increased just 5%, to $1.1 billion, but the replacement tire manufacturer was aided by raw material prices falling 13% from the second quarter. Management said that they expected prices to remain the same in the fourth quarter, but to gradually increase after that. News that India's largest tire maker, Apollo Tyres, was interested in buying a majority stake in Cooper, also helped push shares higher.

Now what: Considering Cooper has a forward P/E of 7.7, the bar is pretty low here for an earnings beat. The stock has come back strong since the recession, and is now worth more than six times its value in 2009, and could continue its upward momentum if raw material prices remain low. Keep an eye on that and the potential buyout offer from Apollo going forward.

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Jeremy Bowman has no positions in the stocks mentioned above. The Motley Fool has no positions in the stocks mentioned above. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.