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: Rogers Corporation (NYSE: ROG) popped 11% in intraday trading today after fourth-quarter EPS walloped the consensus estimate and management issued much better than expected guidance.

So what: Fourth-quarter non-GAAP EPS of $0.65 trounced the $0.39 consensus estimate and grew 44% year-over-year. First-quarter non-GAAP EPS guidance of $0.49 to $0.53 vastly exceeded the $0.42 consensus and represents growth of 14% to 23% year-over-year.

Now what: Rogers' financials reflect extensive restructuring, an acquisition and legal issues that complicate analysis and make non-GAAP financials useful. Though fourth- quarter revenue grew 25% year-over-year, non-GAAP EPS -- which excludes the one-time items -- grew only 10%.  That doesn't seem to justify the stock's P/E ratio of 20 and suggests that investors may want to use today's strength to take profits.

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Fool contributor Cindy Johnson does not own shares of any company named above. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.