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 chemical maker Celanese (NYSE:CE) jumped as much as 16% today after the company released earnings.

So what: Revenue fell slightly in the first quarter, to $1.61 billion, but adjusted earnings per share jumped 44%, to $1.14. Revenue was in line with expectations, and earnings crushed the $0.79 that analysts expected. 

Now what: The earnings momentum looks strong on an adjusted basis, but GAAP earnings per share actually fell from $1.21 a year ago, to $0.89 during the first quarter, due to a higher tax provision. I'd like to see more top-line growth before diving in, but the company is generating strong EBITDA growth, which is a great sign. I'll sit out this move for now but, at 9.2 times forward earnings, the stock is a reasonable risk for more bullish investors.

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Fool contributor Travis Hoium has no position in any stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.