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.

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