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 building materials maker Headwaters (NYSE:HW) jumped 11% today after releasing earnings.

So what: Revenue rose 12% to $197 million and the company swung to a profit of $11.0 million, or $0.15 per share. That was short of the $198.7 million in revenue and $0.18 per share in earnings analysts expected but bullish statements about the future overshadowed last quarter's results.  

Now what: Management reduced debt by $24 million in the quarter and 2014 debt maturity is down to a manageable $15.6 million. They also said that the company was entering a positive cash flow cycle and EBITDA is expected to improve this year to $110 million-$125 million. That expected improvement is what's helping drive the stock higher, not just the fiscal third quarter results.

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