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 chemical company TPC Group (Nasdaq: TPCG) climbed as much as 10% in intraday trading Friday after reporting better-than-expected quarterly results.

So what: Fueled largely by an impressive 39% spike in revenue, TPC posted a first-quarter profit of $11.4 million, or $0.70 per share, versus the average analyst estimate of just $0.35 per share. With TPC shares touching new 52-week highs today and up a whopping 38% over the past two months, it's obvious that Mr. Market anticipates even more big growth to come.

Now what: It might be hard to believe, but TPC shares remain a decent value. Even with the recent surge, the company still trades at a PEG ratio of 0.7 -- a clear discount to gorilla rival Dow Chemical (NYSE: DOW) -- suggesting that its growth prospects aren't yet fully baked into the price. Buying a red-hot stock isn't exactly easy, but if TPC management keeps on delivering, there should be plenty more room for shareholders to benefit.

Interested in more info on TPC? Add it to your watchlist.

Fool contributor Brian Pacampara owns no position in any of the companies mentioned. Try any of our Foolish newsletter services free for 30 days.

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