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 Brush Engineered Materials (NYSE: BW) surged more than 20% in intraday trading Thursday, after its quarterly results and full-year forecast blew out Wall Street expectations.

So what: Driven by an impressive 65% spike in revenue, the company posted a fourth-quarter profit of $0.61 per share, versus the average analyst estimate of just $0.46 per share. Brush Engineered continues to benefit greatly from surging metal prices and strong demand from China, with the stock now having nearly doubled over the past six months.

Now what: Don't let today's 20% pop keep you away from Brush Engineered. When you factor in management's full-year profit guidance, which also came in well ahead of estimates, the shares are still available at a forward P/E of about 16. While it's not exactly in bargain-basement territory, Brush Engineered seems like a reasonably priced bet on metal prices and global demand remaining strong.

Interested in more info on Brush Engineered? 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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