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What: Shares of Goodyear Tire & Rubber (NASDAQ:GT) were burning rubber today, gaining as much as 13% on a strong fourth-quarter earnings report. 

So what: The tire manufacturer posted a per-share profit of $0.74, up from $0.39 a year ago and better than an expected $0.63, even though sales fell 5% to $4.8 billion, below expectations at $4.95 billion. Tire-unit volumes were up $64 million, or 2%, but its other divisions fell $176 million on lower third-party chemical sales and unfavorable foreign currency translation. CEO RIchard Kramer said in a press release the company is "seeing strong growth in value-added segments we are targeting," and that its pension obligations are now fully funded.

Now what: Goodyear continues to ride the broad auto recovery wave pushing industry stocks up; shares of the tire maker have more than doubled since last spring. Analysts expect more modest growth in the coming year, but the stock continues to look like a solid value play with a forward P/E near 10. Throw in a respected brand name, recovering auto sales, and a string of solid earnings beats, and I'd expect the stock to keep chugging higher. 

Jeremy Bowman has no position in any stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. 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.