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 filter technology specialist Polypore International (NYSE: PPO) rocketed up as much as 24% in intraday trading after the company reported first-quarter earnings.

So what: Perhaps the best way to describe Polypore's earnings release is this: Polypore kicked some major butt in the first quarter. Revenue for the quarter climbed 28% from last year to $186 million, while adjusted earnings per share leapt 77% to $0.55. Those results clobbered Wall Street's expectation of $0.40 in EPS on $164 million in revenue.

Now what: Polypore CEO Robert Toth noted that demand continues to be strong and that the company plans to continue to meet that demand by bringing new capacity online later this year and into next year. Although the company didn't provide specific forward guidance in its press release, Toth did give a very optimistic view of Polypore's future: "We are at the front end of long-term secular trends associated with mobile power and purity as it relates to high-performance filtration. Our first-quarter performance highlights the substantial growth potential associated with these trends, and the strong demand affirms our confidence in the investments we've approved to date."

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