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: Goodyear Tire & Rubber (NYSE: GT) popped 15% in intraday trading today after trouncing EPS expectations and raising its forecast.

So what: EPS of $0.42 was more than three times the $0.12 consensus estimate and more than double the year-ago quarter's $0.18. Earnings benefited from higher tire unit volumes, record sales, a mix shift to higher priced items, lower pension expenses, and other cost-cutting actions.

Now what: Management increased its volume forecast for most major segments in North America and Europe. While Goodyear expects its raw material costs for the remainder of this year to increase 25% to 30% year over year, it is at least partially offsetting higher costs through improved price mix and sales of innovative new products. The consensus EPS estimate for 2011 could easily rise from $0.54 to well more than $1.00.

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