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 Chinese automation and control technologist Hollysys Automation Technologies (Nasdaq: HOLI) jumped as much as 11.3% on average trading volume.

So what: Roth Capital just upgraded Hollysys to a buy, but I can't find any public information on price targets or the reasoning behind the move. Still, an upgrade is an upgrade, and that's often market-moving news without any further elaboration.

Now what: Last time I reported on Hollysys, the stock was plunging despite a positive earnings report. Today's move goes a long way toward restoring the stock to its earlier glory. In response to my previous article, an enthusiastic reader commented that the company will pose a large threat to the Chinese plans of industrial giants Rockwell Automation (NYSE: ROK), ABB (NYSE: ABB), and Emerson Electric (NYSE: EMR). Perhaps Roth Capital would agree with that assessment. Either way, the usual warnings to tread lightly in the hazardous market for Chinese small caps surely apply to Hollysys as well.

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