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.

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