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 metal manufacturer Haynes International (Nasdaq: HAYN) rose as much as 14% today, a day after the company released earnings.

So what: Net revenue jumped 47% to $139.1 million, easily topping estimates of $111.9 million. Earnings per share of $0.51 did fall short of the $0.54 analysts expected, but investors are looking past that today.

Now what: Management sees conditions improving throughout the year, as pricing and mix both improve. It's also positive that backlog increased 44.7% in the quarter to $241.7 million. With conditions improving, I think Haynes has room to run higher despite slightly disappointing profits this quarter.

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