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 specialty materials and chemicals company Ferro (NYSE: FOE) were hammered by investors today, falling as much as 15% in intraday trading on heavier-than-average volume.

So what: The market's reaction to Ferro's first-quarter report is a bit of a head-scratcher. First-quarter revenue climbed 16% year over year to $573 million, while adjusted earnings per share increased from $0.22 last year to $0.29 this year. Both sales and earnings topped Wall Street's estimates, which were $537 million and $0.28, respectively. The company also boosted its 2011 sales guidance and reaffirmed its full-year profit outlook.

Now what: After today's drop, Ferro's stock trades at roughly 11 times the midpoint of its 2011 EPS estimate. This is a cyclical company that will do best if the economy continues to improve, but it seems like there could be good reason for investors to take a closer look at the stock after Mr. Market's violent reaction.

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