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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