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 Innophos Holdings (NASDAQ:IPHS) popped as much as 13% today after reporting earnings.

So what: Sales were up 1% from a year ago and 10% sequentially to $216.3 million in the first quarter, and net income was up 14% to $14.2 million, or $0.64 per share. Earnings were a penny short of expectations, but revenue was higher than expected, and in a market where any growth is good, that's what investors are looking at today.  

Now what: Management was very bullish on the recent activity for the company after a slow start to the year because of bad weather. I would expect momentum to pick up operationally as the year goes on, and if that happens, the company's 13.6 forward P/E ratio looks attractive. Keep an eye on management's meeting those expectations the rest of the year if this momentum is going to continue.

Travis Hoium and The Motley Fool have no position in any of the stocks mentioned. Try any of our Foolish newsletter services free for 30 days. We Fools don't 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.