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: Great Atlantic & Pacific Tea Co. (NYSE: GAP) shares are up 13% in morning trading.

So What: The company, which owns the A&P supermarket chain, reported a big loss this quarter, roughly double its loss a year ago, as sales continue to decline. Despite the gloom, investors were cheered by the company's progress with its turnaround.

Now What: Great Atlantic & Pacific Tea continues to lay off workers and shutter stores as part of its turnaround, and has brought in a new executive team. In addition, the company is working with lenders and advisors to figure out how to manage its $1.5 billion debt. Since common stock owners represent a sliver of the company's capital structure, they will benefit disproportionately from any upside a successful turnaround yields.

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Fool contributor, April Taylor, does not own shares of the companies mentioned. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.