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 generic-drug manufacturer Par Pharmaceutical Cos. (NYSE: PRX) jumped more than 12% in intraday trading today as investors reacted to its third-quarter earnings.

So what: Investor excitement can often be a pretty simple recipe. In Par's case, the company posted non-GAAP earnings per share of $0.88, which was well ahead of Wall Street's estimates for the quarter. The quarter was helped by a strong performance from the company's omeprazole sodium bicarbonate capsules -- a generic version of AstraZeneca's (NYSE: AZN) Prilosec -- which were launched in June.

Now what: Overall revenue for the quarter was down 20% from last year and expenses were up as well. Higher gross margins, investment gains, and lower taxes helped drive the improvement in the bottom line. So while the third-quarter results look good against analyst estimates, investors should keep a close eye on how sustainable the company's profit improvements are.

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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.