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 power equipment maker AZZ (NYSE: AZZ) are sparking with excitement today, rising as much as 15.5% on tremendously heavy volume.

So what: AZZ is setting multiyear highs thanks to a great first-quarter report published last night. Earnings per share jumped 47% year-over-year on 48% higher sales, and the near future looks even brighter with a 54% increase in incoming orders. The company beat analyst estimates on both counts.

Now what: Investors in much larger rivals General Electric (NYSE: GE) and Eaton (NYSE: ETN) seemed to take tiny AZZ's report as a good sign, as both competitors are beating the broader market today. However, they might be jumping the gun as this generous dividend payer and Motley Fool Hidden Gems selection reported strong demand but also a challenging pricing environment -- a problem that would affect all competitors, even if they can't match AZZ's order flows. I'd keep a wary eye on the electrical equipment and galvanizing departments as Eaton and GE report earnings in the coming month, not necessarily expecting strong performances.

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

Fool contributor Anders Bylund holds no position in any of the companies discussed here. The Motley Fool owns shares of AZZ. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool is investors writing for investors.