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 audio equipment specialist Harman International Industries
So what: Harman said it swung to a first-quarter profit of $27 million, or $0.39 cents a share, which was much higher than the average analyst estimate of $0.27 a share. The company has certainly benefited from rebounding consumer and automotive spending over the past year, as today's results mark Harman's fourth consecutive profitable quarter.
Now what: While I wouldn't be comfortable about jumping into Harman right now, starting a small position on any pullback might not be a bad idea. Even with today's 15%-ish pop, the shares are still off about 25% from its 52-week highs set in April. Of course, given its high exposure to auto spending, buying Harman in a basket with its larger, more diversified consumer electronic foes Sony
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