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 materials manufacturer Ferro (NYSE: FOE) made some friends today and gained as much as 15.4% on modest trading volume.

So what: The stock is bouncing off a 52-week basement floor thanks to a surprisingly positive housing report. Ferro doesn't build houses or cast concrete foundations but provides chemicals to makers of actual building materials on a large scale.

Now what: Fellow Fool Travis Hoium likes the profit trends in Ferro and thinks the stock deserves much better than this 66% year-to-date share-price swoon. There are certainly more direct plays on a housing recovery than this one, but the price is right if you believe in the company. One word of warning before diving in with both feet: Ferro's balance sheet is cash-poor and heavy in debt, and the company needs to turn its negative cash flows around to avoid a very serious cash crunch.

Interested in more info about Ferro? Add it to My Watchlist.

Fool contributor Anders Bylund holds no position in any of the companies mentioned. We Fools don't 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.