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 and materials company Cytec Industries (NYSE: CYT) jumped 11% today after the company reported earnings.

So what: Revenue grew 11.1% to $778 million and easily beat analysts' estimate of $762.9 million. But the bottom line got investors really excited, where earnings per share of $1.10 crushed estimates of $0.81. Management also lowered earnings guidance for the full year to $3.20-$3.40 per share.

Now what: Normally lowering guidance like that would drown out a great earnings beat, but analysts were only expecting full-year earnings of $3.27, so the reduction was already priced in. The specialty chemicals industry is back in fashion as Chemtura (NYSE: CHMT) and LyondellBassell (NYSE: LYB) also popped today. I'm taking a wait-and-see approach on the jump and would like to see demand continue to improve before buying shares.

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Fool contributor Travis Hoium does not have a position in any company mentioned. You can follow Travis on Twitter at @FlushDrawFool, check out his personal stock holdings or follow his CAPS picks at TMFFlushDraw.

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