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 chemicals company Cytec Industries (NYSE: CYT) rose 11% at the open of trading after the company gave a preview of its second-quarter numbers.

So what: Management said second-quarter adjusted earnings per share would be between $1.50 and $1.55 per share, well outpacing analyst estimates of $1.05. Strong earnings in the coating resins and process separation business drove the better-than-expected results.

Now what: The irony is that Cytec is trying to sell the business that has performed so well in the quarter. But this may give buyers a greater incentive to bid on the deal and even push the price higher. Either way, I think shares are trading at an attractive level for investors. The company's forward P/E ratio is 12.3, and those estimates should be moved higher after this announcement is factored in, providing a catalyst to push shares higher.

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