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 ceramic products specialist Ceradyne (Nasdaq: CRDN) climbed 12% in intraday trading Tuesday after its quarterly results and full-year outlook topped Wall Street expectations.

So what: Driven by a 36% spike in revenue, Ceradyne posted first-quarter earnings of $23.6 million, or $0.94 per share, versus the average analyst estimate of just $0.65 per share. The shares are setting a new 52-week high on the report and have now more than doubled over the past six months alone.

Now what: Expect more good things out of Ceradyne. In addition to the market-beating quarter, management upped its full-year profit outlook to $3.10-$3.50 a share, which is well above the $2.61 per share profit that Wall Street is anticipating. Ceradyne shares might be red-hot, but with a PEG ratio of just above 1, its growth prospects might still be available at a reasonable price.    

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