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: MDC Holdings (NYSE: MDC) popped 11% in intraday trading today after two analysts upgraded the stock.

So what: Credit Suisse upgraded this provider of homebuilding and related financial services to outperform from neutral and raised its price target to $28 from $25, citing valuation and expectations of improved operating results in fiscal 2011. Ticonderoga upgraded from sell to neutral.

Now what: The company has been unprofitable for three of the last four years, including last year. EPS estimates for 2011 range from -$1.32 to -$0.04 with consensus estimates of -$0.70 for the year and $0.04 in the fourth quarter. Given the state of the housing industry and MDC's emphasis on first-time and first-time move-up buyers, investors may want to stay on the sidelines pending signs of more favorable housing market conditions.

Interested in more info on MDC Holdings? Add it to your watchlist here.