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 fashionista Liz Claiborne (NYSE: LIZ) were dressed up 13% by investors as they ogled third-quarter results.

So what: When it comes to financial statements, red will never be the new black. However, investors seemed to be pretty happy with the progress that Liz Claiborne is making toward returning to profitability. Though the adjusted loss of $0.04 per share missed the $0.03 per-share loss that Wall Street was looking for, better-than-expected gross margins and a relatively bright outlook for the fourth quarter may be helping the stock sashay its way higher today.

Now what: Investors that caught Coach's (NYSE: COH) third-quarter report may not have been all that surprised at the strength from kate spade, which posted a 32% gain in comparable store sales. Lucky Brand, on the other hand, still seems to be struggling with a crowded denim market that includes True Religion (Nasdaq: TRLG), Rock & Republic, Paige Denim, and many others. Lucky's comps dropped 7.5% during the quarter. While the quarter's results may have encouraged investors, there can be no rest for the weary at Liz Claiborne: If the company hopes to look as fabulous as its clothes and accessories, it still needs to turn around slumping sales, get the company back to profitability, and continue addressing a hefty debt load.

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

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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.