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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Fool contributor Brian Pacampara owns no position in any of the companies mentioned. Try any of our Foolish newsletter services free for 30 days. 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 Fool's disclosure policy always gets a perfect score.