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 aluminum manufacturer Noranda Aluminum (NYSE: NOR) jumped 22% today after the company released earnings and said it would pay a dividend.

So what: Revenue of $400.4 million in the third quarter easily beat estimates of $363.9 million but earnings per share of $0.21 fell $0.02 short of estimates. But the biggest news was a quarterly cash dividend of $0.03 and a special dividend of $1.00 to be paid on Nov. 22 to shareholders of record on Nov. 14.

Now what: The earnings report was good but not worthy of a 22% jump, so investors obviously have their eyes on that dividend. The biggest problem I see is that buyers are paying $1.84 more today to get $1.03 in dividend later this month, not a great return on investment. It may be good that Noranda is returning money to shareholders, but I think the move today is a little overdone.

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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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