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 air cargo specialist Atlas Air Worldwide Holdings (Nasdaq: AAWW) surged as high 17% in intraday trading Monday after its quarterly results and full-year forecast topped Wall Street expectations.

So what: Driven largely by 30% growth in its main leasing segment, Atlas posted fourth-quarter earnings of $1.58 per share, versus the average analyst estimate of just $1.34 per share. Naturally, cargo haulers have been benefiting greatly from the steadily improving global economy, with airfreight traffic having already exceeded pre-crisis levels.

Now what: Don't let today's rally scare you completely away from Atlas. The shares might be soaring now, but when you factor in management's full-year profit guidance boost, Atlas still trades at a reasonable forward P/E of 12.5. Of course, with a beta of 2.5, investors should expect some turbulence along the way.

Interested in more info on Atlas? 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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