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 nuts-and-bolts vehicle parts maker Tenneco (NYSE: TEN) took a smooth ride to gains as high as 11.6% today on average volume.

So what: The industry at large is roiling with optimism as the worldwide financial crisis might be coming to an end in our lifetime, but Tenneco takes it to the next level as RBC Capital starts coverage on the stock with a "top pick" rating and $41 target price.

Now what: The company sells mufflers, suspension systems, and other essential parts to just about any vehicle manufacturer you'd care to mention, making this stock just about equivalent to owning automotive ETFs Global X Auto (NYSE: VROM) or First Trust NASDAQ Global Auto Index (Nasdaq: CARZ) -- don't you just love those evocative tickers? So RBC's enthusiasm is basically a "buy" rating on the automotive sector at large. And this industry could use some good news after a disastrous 2011 so far.

Interested in more info about Tenneco? Click here to add it to My Watchlist.

Fool contributor Anders Bylund holds no position in any of the companies mentioned. We Fools may not all hold the same opinion, but we all believe that considering a diverse range of insights makes us better investors. Check out Anders' holdings and bio, or follow him on Twitter and Google+. We have a disclosure policy.