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 crane-maker Manitowoc (NYSE: MTW) skyrocketed a whopping 20% in intraday trading Tuesday after the company's quarterly results easily topped Wall Street expectations. 

So what: Excluding special items, Manitowoc posted fourth-quarter adjusted earnings of $15 million, or $0.11 per share, versus the average analyst estimate of just $0.04 per share. The embattled Manitowoc has struggled massively to pay down its big debt load during the downturn, but today's results seem to be giving investors plenty of hope that the worst is finally behind it.

Now what: I'd wait for a pullback before jumping into Manitowoc. With today's 20% surge, the shares have now more than doubled from the 52-week lows set this past summer and trade at a 25-ish forward P/E. While management believes that the crane segment will post impressive double-digit sales growth in 2011, Mr. Market already seems to be discounting much of that improvement.

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

Fool contributor Brian Pacampara owns no position in any of the companies mentioned. Try any of our Foolish newsletter services free for 30 days.

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