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 battery specialist Valence Technology (Nasdaq: VLNC) leapt more than 10% in intraday trading after the company announced preliminary results for its fiscal 2011 second quarter.

So what: Weren't we just here yesterday? Actually, today's announcement casts an interesting light on the pop that shares experienced yesterday. Regardless, the release today at least gives a reasonable excuse for investors to get excited. The company said that revenue for the quarter will come in at $12 million, above the $8 million to $10 million range previously given.

Now what: Investors obviously want to see Valence moving in the right direction, and higher revenue could be a sign that that's happening. However, absent from the company's announcement was any mention of profits. That's probably because the company continues to rack up losses even as competitors such as Advanced Battery (Nasdaq: ABAT) have found a path to profitability. Valence's stock has had a huge run over the past month, but it's hard for me to get too excited until the company shows that it can send something to the bottom line.

Interested in more info on Valence? Add it to your watchlist here by clicking here.

Try any of our Foolish newsletter services free for 30 days. True to its name, The Motley Fool is made up of a motley assortment of writers and analysts, each with a unique perspective; sometimes we agree, sometimes we disagree, but we all believe in the power of learning from each other through our Foolish community.

Fool contributor Matt Koppenheffer does not own shares of any of the companies mentioned. You can check out what Matt is keeping an eye on by visiting his CAPS portfolio, or you can follow Matt on Twitter @KoppTheFool or on his RSS feed. The Fool's disclosure policy assures you no Wookiees were harmed in the making of this article.