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 California bank CVB Financial (Nasdaq: CVBF) climbed 10% on Tuesday after announcing it had sold troubled loans for about $41 million.

So what: In early August, CVB shares plunged more than 20% after the Securities and Exchange Commission launched an investigation into the company over how it handles troubled loans. The stock has been struggling to recover ever since, but with the sale of those very same loans, which were made to an unrelated third party and closed on March 25, Mr. Market is naturally beginning to feel better about CVB.

Now what: CVB might still be worth a look. Even with today's double-digit pop, CVB shares are still about 25% off their 52-week highs and sport a tempting dividend yield of roughly 4%. With much of the uncertainty surrounding CVB starting to clear, the stock seems to have plenty of positives working in its favor.

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

Fool contributor Brian Pacampara owns no position in any of the companies mentioned. Try any of our Foolish newsletter services free for 30 days.

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