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: LDK Solar (NYSE: LDK) popped 11% in intraday trading today after announcing it had signed an agreement for a major new project.

So what: LDK Solar and Datang International Power Generation signed an engineering, procurement, and construction agreement in which LDK Solar will develop a 20-megawatt solar project in China. Construction on the first 10 megawatts is scheduled to begin this month.

Now what: Solar stocks have been particularly hard hit in the recent market sell-off. That's at least somewhat due to disappointing financial news from First Solar (Nasdaq: FSLR), JA Solar (Nasdaq: JASO), and Trina Solar (NYSE: TSL). Yesterday, my Foolish colleague Travis Hoium concluded that solar stocks look oversold and recommended vertically integrated players capable of developing large projects. Even after today's pop, LDK stock has a forward P/E ratio of only 3.6 times.

Interested in more info on LDK? Add it to your watchlist by clicking here.

Fool contributor Cindy Johnson does not own shares of any company named above. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.