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: Pilgrim's Pride (NYSE: PPC) popped 15% in intraday trading today after the CEO said he did not expect liquidity problems this year and an analyst upgraded the stock.

So what: Chicken producers such as Pilgrim's Pride, Tyson Foods (NYSE: TSN), Smithfield Foods (NYSE: SFD), and Sanderson Farms (Nasdaq: SAFM) are being pressured by rising feed costs. When feed costs rose in 2008, Pilgrim's Pride filed for bankruptcy. The company's slim margins and high debt don't give it much room for error this year.

Now what: Late Tuesday, Pilgrim's CEO said JBS USA Holdings, which owns 67% of Pilgrim's Pride, could lend the company up to $100 million as a "backstop." He acknowledged some investors thought the company would violate its debt covenants, but management doesn't expect that to happen. Today the stock was upgraded to buy from hold by BB&T Capital Markets.

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