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 Quiksilver (NYSE: ZQK) caught a sick wave today and soared 14% higher after releasing earnings.

So what: Revenue was stronger than expected in the fiscal second quarter, rising 2% to $478.1 million. Earnings per share were also strong coming in at $0.09, two cents better than estimates.

Now what: Stronger profit was driven by margins expanding 1.6% from a year ago to a record 54.8%. Debt was also down 19% from a year ago to $594 million. Slowly, Quiksilver’s financial position is improving. With a forward P/E ratio of just 13, I think shares have more room to run, especially as conditions improve for the company in Asia.

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Fool contributor Travis Hoium does not have a position in any company mentioned. You can follow Travis on Twitter at @FlushDrawFool, check out his personal stock holdings or follow his CAPS picks at TMFFlushDraw.

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