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: Two days after plummeting, shares of Hampton Roads Bankshares (Nasdaq: HMPR) are rallying more than 10% today after the company reported improving financial results.

So what: Hampton reported a $50 million decline in non-performing assets during the fourth quarter, cutting the company's net loss to $34.7 million from a whopping $153.6 in last year's Q4.

Now what: Analysts had no skin in the game this quarter, but it's probably still fair to say that Hampton exceeded expectations. Tangible equity improved both year over year and sequentially, leading regulators to classify the bank as "well-capitalized" according to standards.

Whether that makes the stock a buy at present levels is beyond my understanding, since I'm not a bank analyst. Yet there's little doubt that the underlying business is headed in the right direction. Well done, sirs.

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