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 Canadian Solar (NASDAQ:CSIQ) jumped as much as 28% today after announcing first-quarter earnings. The pop pulled most Chinese solar stocks higher including LDK Solar (OTC:LDKYQ) and Trina Solar (NYSE: TSL), who jumped over 10% for a short time today.

So what: Revenue fell 19% in the quarter to $263.6 million but shipments of 340 MW were above the previous guidance of 290 MW-310 MW. The strong shipment level was driven by Japan where the company grew 76%, accounting for 25% of total shipments.  

Gross margin nearly doubled to 9.7% and net loss dropped to $3.9 million, or $0.10 per share. The company did record a $30 million gain from a previously recorded doubtful accounts write-off so the ongoing loss was closer to $33.9 million, larger than last year's $21.4 million loss.

Now what: The higher shipments in Japan are positive and have driven Chinese solar stocks upward recently. Canadian Solar is also making a move to be a project builder, which has helped the company maintain steady demand. This is one of the better players in Chinese solar, but keep in mind that revenue, shipments, and profit are all down over the past year. If Europe imposes tariffs next month -- as anticipated -- a huge demand source could dry up and Canadian Solar and its Chinese competitors could continue experiencing losses and growing debt loads.

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