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 electric power infrastructure specialist American Superconductor (Nasdaq: AMSC) climbed as high as 11% in intraday trading Tuesday after its quarterly results and full-year outlook topped Wall Street expectations.  

So what: Driven largely by a 46% sales jump at its power-systems segment, AMSC posted third-quarter earnings of $0.40 per share, versus the average analyst estimate of $0.33 per share. Additionally, AMSC upped its full-year profit outlook for the third time, to a range of $1.33-$1.38 per share. It also announced plans to reduce its reliance on Chinese wind power company Sinovel, which accounted for about 70% of third-quarter sales.

Now what: Even with today's pop, AMSC might be worth looking into. In addition to the positive short-term outlook, management expects those renewable energy tailwinds from Asia to grow its top line to $1 billion, and expand its operating margins to more than 20% by 2014 -- one full year ahead of schedule. And with AMSC's PEG ratio of 0.6, representing a clear discount to rivals ABB (NYSE: ABB) and Woodward (NYSE: WWD), you won't need to pay too high of a price for those prospects.

Interested in more info on AMSC? Add it to your watchlist.