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 clothing maker Quiksilver (NYSE: ZQK) were flying off the shelves today, gaining as much as 22% on a strong earnings report.

So what: The surf-inspired apparel company delivered an adjusted profit of $0.09 a share, well ahead of analyst estimates of $0.05 per share. Perhaps equally telling, though, was that revenue grew just 2% to $512.4 million, short of the Street's expectations of $528 million.

Now what: Despite today's huge bounce, this is still an ailing brand. Shares of Quiksilver, which also owns the Roxy and DC brands, have fallen from as high as $16 in 2005 to less than $4 today, and turnarounds tend to be difficult in the fickle fashion industry. The company has been investing more money in marketing and has lowered expenses by cutting back on staff, but I'd like to see more growth in the top line before I get on board.

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