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 irrigation systems maker Lindsay (NYSE: LNN) jumped as much as 12.1% above last night's closing price on triple the average trading volume.

So what: Lindsay didn't do much to deserve this pop, other than be a close competitor to Valmont Industries (NYSE: VMI), whose fourth-quarter report blew past analyst estimates. Moreover, a huge short interest in Lindsay's stock amplifies any positive move as panicked shorters start closing out their positions.

Now what: Lindsay's own earnings report is over a month away and the afterglow of Valmont's report will have faded by then. When it rolls around, you should compare Lindsay's sales and earnings performance to 62% revenue growth and 150% higher irrigation-related profits for Valmont. The company does occasionally post a quarter like that, but the last one fell in the summer of 2008. This looks like an adrenaline-fueled overreaction.

Interested in more info on Lindsay? Add it to your watchlist.