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 heavy-equipment maker Manitowoc (NYSE: MTW) soared 17% today after its quarterly results slightly topped Wall Street estimates.

So what: Manitowoc shares have been battered in recent months on relentless global economic fears, so even a small beat -- its EPS of $0.18 topped the consensus by a penny -- is giving investors plenty of relief. In fact, operating earnings in the crane business surged 58% on strong demand in Asia, Latin America, and the Middle East, suggesting that its exposure to emerging markets isn't as worrisome as Mr. Market had previously thought.

Now what: "We are well positioned for the long term as we continue to capitalize on activity driven by large infrastructure and energy projects in cranes and momentum from new product launches in food service," CEO Glen Tellock said. Management even backed its full-year forecast for 20%-25% revenue growth in its crane segment and high single-digit top-line growth in its food service business. Buying into a big pop isn't ideal, but with the stock still down by more than 50% over the past six months, there seems to be plenty more room to bounce.

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

This article represents the opinion of the writer, who may disagree with the “official” recommendation position of a Motley Fool premium advisory service. We’re motley! Questioning an investing thesis -- even one of our own -- helps us all think critically about investing and make decisions that help us become smarter, happier, and richer.