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 maker Cytec Industries (NYSE: CYT) jumped as much as 18% today after the company posted earnings.

So what: Fourth-quarter earnings fell from $0.95 per share a year ago to $0.86 per share in the quarter. Revenue rose slightly to $731 million.

Who cares that earnings are falling when they crush the expectations Wall Street has set? Revenue fell just short of expectations, but analysts expected just $0.47 in earnings per share, so investors are cheering the better-than-expected results.

Now what: Earnings are still down and revenue is flat so I'm not seeing a big "buy" sign on shares today. The company did announce it had hired JP Morgan to help separate its coating resin business, which accounts for just under half of the entire company's sales. Shares aren't a terrible value at 13 times earnings, I just don't see falling earnings in an improving economy as a great reason to buy a stock.

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