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 Allegheny Technologies (NYSE: ATI) were up as much as 11% today, after the metals producer reported fourth-quarter and full-year results. Shares have not reached these highs since June of 2008.

So What: Sales were up 27% and 33% for the fourth quarter and full year, respectively. EPS fell 58% and rose 125% over the same periods. As you might expect, various esoteric charges and costs affected earnings.

Now What: Investors were no doubt pleased to hear CEO Patrick Hassey's declaration that the company's "key global markets are showing signs of strong growth." For those of you modeling at home, expect 15% to 20% revenue growth in 2011.

Interested in more info on Allegheny Technologies? Add it to your watchlist.

Fool analyst Rex Moore owns no companies mentioned here. 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 insightsmakes us better investors. The Motley Fool has a disclosure policy.