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 specialty retailer Cost Plus (Nasdaq: CPWM) jumped nearly 13% in intraday trading as investors reacted to an analyst upgrade.

So what: Today's gains followed a big day on Friday when shares tacked on 35% after a better-than-expected third-quarter earnings report. The stock was able to build on that huge leap thanks to a very bullish note from Raymond James analyst Budd Bugatch, who boosted his fourth-quarter earnings per share estimate for Cost Plus from $0.48 to $1.08 and took his full-year view from a $0.60 loss to a $0.10 profit. He also maintained a "strong buy" on the stock and slapped on a $10 price target.

Now what: It's been a pretty odd retail environment lately with Wal-Mart (NYSE: WMT) sales getting squeezed while upper-end retailers like Saks (NYSE: SKS) and Nordstrom (NYSE: JWN) have seen their fortunes move in precisely the opposite direction. Where does Cost Plus fit into all of this? Actually, the company's currently more of a turnaround story akin to its competitor Pier 1 Imports (NYSE: PIR), and so its fortunes will hinge as much on continued momentum from turnaround efforts as on consumer spending. Pier 1 seems to have turned over a new leaf, and Cost Plus' recent quarter shows definite progress toward doing the same. The work's certainly not done yet, but this could be a company to keep an eye on.

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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.