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 power technologist American Superconductor (Nasdaq: AMSC) are powering up today, to the tune of 10.6% above Monday's closing price.

So what: The company delivered a classic beat-and-raise performance in its second-quarter report. Management highlighted record gross margins and an unbroken streak of revenue growth in fifteen consecutive quarters, powered by increasing demand for wind and solar power solutions.

Now what: You can't really argue with the brilliant GAAP results, but Foolish investors would also do well to a second look at American Superconductor's cash flows. Due to wild swings in accounts receivable, the company's cash comes in fits and starts; this quarter was an upswing, but the general trend is downward these days. American Superconductor is not a cheap stock today despite rising a modest 10.5% over the past year, so the two-star CAPS rating (out of five) seems motivated, all things considered.

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