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 company OM Group (UNKNOWN:OMG.DL) climbed 14% today after its quarterly results easily topped Wall Street expectations.

So what: The stock has plunged since February on concerns over slumping demand, but today's first-quarter results -- EPS of $0.15 on revenue of $364.3 million versus the consensus of $0.04 and $287.5 million -- suggest that things are starting to turn. While specialty chemicals sales continued to decline, volume at its magnetic technologies and battery technologies division improved much more than expected, giving investors plenty of good vibes about its business mix going forward.

Now what: Management reaffirmed its full-year EBITDA guidance of between $120 million and $140 million. "[W]e have the financial capacity and discipline to continue to invest in our future while at the same time returning capital to shareholders," said Chairman and CEO Joe Scaminace. "We are well-positioned to execute our strategy and create long-term shareholder value." Of course, when you couple the stock's high beta with the fact that it's now up about 75% from its 52-week lows, expect the ride to be a particularly bumpy one.

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