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: Tuesday was a bad day for the stock market but a very good day for one stock that trades on it: Office Depot (NYSE: ODP), whose shares rose 10%.

So what: It wasn't exactly the result you would expect. OD announced this morning that its adjusted loss widened to $0.06 per share in the second quarter (the net loss was $0.11), while sales flatlined. That was more than enough for Wall Street, though, which had been girding itself for news of a $0.12-per-share loss.

Now what: But this is more than just an "exceeded expectations" story. According to new OD CEO Neil Austrian, change is afoot.No longer content to sell lots of stuff without a lot of profit, Austrian told investors that his goal is "1,000% concerned on gross profit dollars."

That sounds neither grammatically correct nor mathematically plausible to me. Still, it sounds like his intentions are in the right place. I can't in good conscience advise anyone to go out and buy a stock that costs 23 times next year's earnings, of course -- not when it's expected to grow at only 11% per year over the next five years. On the other hand, Office Depot may at least be worth watching. Who knows? Maybe with a new CEO in the corner office, actions will begin to match words.

Can Austrian pull it off? Add Office Depot to your Watchlist and find out.

Fool contributor Rich Smith does not own (or short) shares of Office Depot. Motley Fool newsletter services have recommended shorting and writing naked calls in Office Depot.

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