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 thesis.

What: Shares of Modine Manufacturing Company (NYSE:MOD) were looking stronger today, gaining 14%, and finishing up 11% on an impressive earnings report.

So what: The auto-parts maker posted earnings of $0.16 a share, much better than the $0.06 analysts had expected, even though revenue came short as sales grew 6.4%, to $347 million, below the $354 million consensus. As other auto suppliers have seen recently, European sales began coming back, rising 21%, to $140.5 million, making it more valuable for Modine than North America. CEO Thomas Burke noted the strength of new program launches in Europe and Asia, and said the company benefited from strong heater sales in North America, and better-than-expected sales in Europe and Asia.

Now what: Further delighting the market was management's guidance boost as Modine now sees full-year EPS of $0.65-$0.70, up from a previous range of $0.50-$0.60 and ahead of the Street's view at $0.56. The auto industry tends to be highly cyclical, so Modine's report would seem to bode well for other suppliers with a big stake, especially with such a big jump in its guidance. I'd expect analysts to give a generous a bump to next fiscal year's projections, which could make shares seem very affordable, especially for a company delivering solid EPS growth.