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 home-improvement and building products company Masco (NYSE:MAS) popped 15% today after its quarterly results topped Wall Street expectations.

So what: Masco's strong fourth-quarter results -- adjusted EPS of $0.04 on revenue growth of $14% -- reinforce recent optimism over a recovering U.S. housing market. In fact, sales and operating profits climbed in all five of Masco's business segments, the first time that has happened since the downturn, giving Wall Street plenty of confidence that the momentum will continue.

Now what: For 2013, management expects new home construction to grow at a strong pace, and repair/remodel to improve modestly. "We believe the actions we have taken over the past several years, including investing in our brands, reducing our cost structure and paying down debt, have strengthened our business," said President and CEO Tim Wadhams. "We believe these actions have positively positioned us to take advantage of the upturn in the housing cycle." Of course, with the stock hitting a new 52-week high today and up about 60% over the past six months alone, I'd wait for some of the excitement to fade before buying into that turnaround talk.

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