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 solar manufacturer Yingli Green Energy (NYSE:YGE) rose as much as 11% in early trading after announcing preliminary second-quarter results.

So what: Module shipments grew at 23%-24% from a previous guidance increase in the low to middle teens. Gross margin is expected to be 11%-12%, a solid improvement from 9%-11% guidance.  

Now what: Earnings will be released Aug. 30, when we'll find out how close Yingli got to a profit in the quarter. This is one of the most indebted solar manufacturers; I doubt even a 12% gross margin will bring the company to a profit, which will be the long-term challenge. The figures today are a plus, but I will not be a buyer because of Yingli's debt load and the drag that it will have on potential profits.

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