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: Commercial Metals (NYSE: CMC) popped 10% in intraday trading today after reporting better-than-expected earnings.

So what: Non-GAAP EPS of $0.32 trounced the consensus estimate of $0.20. GAAP EPS was $0.31. Revenue of $2.1 billion grew 18% and was in line with the consensus forecast.

Now what: The company benefited from both stronger demand and higher finished goods pricing. Management said the backlog continues to grow at higher pricing and it remains focused on improving operational efficiency. Although the current quarter is seasonally slower, it appears the company may have turned a corner after nine challenging quarters.

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