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 Chemtura (Nasdaq: CHMT) rose roughly 11% in early trading and remain up more than 8% as of this writing. The gains continue a multi-day, double-digit rally that kicked off with last week's announcement of a long-term supply agreement with China's Tianjin Lisheng Chemical.

So what: According to the company's press release, the deal should support growth by leveraging a new Lisheng facility for antioxidant production. Details remain unclear for now, though a just-announced investor day may offer missing context.

Now what: CEO Craig Rogerson and team will take the stage on Dec.13 at New York's Sheraton Hotel & Towers. In the meantime, the stock trades for less than one-fifth the long-term growth rate analysts expect, resulting in a 0.14 PEG ratio. The implication? Wall Street is either crazy with optimism, or shares of Chemtura are crazy cheap. Where do you stand? Would you buy shares of Chemtura at current prices? Please weigh in using the comments box below.

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Fool contributor Tim Beyers is a member of the Motley Fool Rule Breakers stock-picking team. He didn't own shares in any of the companies mentioned at the time of publication. Check out Tim's portfolio holdings and Foolish writings, or connect with him on Google+ or Twitter, where he goes by @milehighfool. You can also get his insights delivered directly to your RSS reader.

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