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 Mueller Industries (NYSE: MLI) are rocketing to a new 52-week high today after the company reported first-quarter results this morning that easily surpassed the lone analyst estimate.

So what: Mueller shares are up more than 10% currently -- and deservedly so -- following its first-quarter results. The company, which supplies copper, aluminum, plastic, and brass products, benefited from the increased average selling price of metals across the board. It reported a first-quarter profit of $0.89 per share -- backing out one-time insurance gains -- on revenue of $687.7 million. This compares almost comically to the one estimate calling for a profit of $0.46 on revenue of $549 million.

Now what: Despite hearing from the horse's mouth that its housing business is practically anemic, I'd be scared to see what this company could do in a robust economy. Every segment of Mueller's business was up more than double digits on the back of a 42% increase in year-over-year revenue. The strength in metal fabrication appears to be sectorwide with Valmont Industries (NYSE: VMI) and Ladish (Nasdaq: LDSH) reporting better-than-expected numbers within the past two weeks. But unlike these two, Mueller is incredibly cash-rich, and for that reason alone it just might be the most attractively priced company in this space.

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