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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Fool contributor Matt Koppenheffer does not have a financial interest in any of the companies mentioned. You can check out what Matt is keeping an eye on by visiting his CAPS portfolio, or you can follow Matt on Twitter @KoppTheFool or on his RSS feed. 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 prefers dividends over a sharp stick in the eye.