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 CVR Refining (NYSE:CVRR) jumped as much as 10% today after reporting fourth-quarter earnings.

So what: Revenue was up 85% to $1.8 billion, but net income fell 23% to $54.6 million. Income was hit by large losses on derivatives, but when we take those out and look at adjusted EBITDA, the company made $196.2 million, more than four times the $44.3 million in EBITDA last year.  

Now what: Higher-than-expected crack spreads (the price difference between gasoline and oil) caused management to raise distribution guidance per quarter from $1.21 per unit in January to a range of $1.30 to $1.55 per unit today. Distributions for the full year were also raised to a range of $5.50 to $6.50 per share, which is a huge payout at the current price. Crack spreads won't stay this high forever, but I think shares look attractive given the current yield for investors.

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