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 more than 12% during intraday trading Monday after the company announced selected third quarter results.

So what: Specifically, Canadian Solar now expects solar module shipments to be in the range of 460 MW to 480 MW, or well ahead of its previously supplied guidance of 410 MW to 430 MW. As a result, Canadian Solar also expects quarterly revenue to be in the range of $470 million to $495 million, with gross margin in the range of 18% to 20%. By comparison, it previously expected gross margin in the range of 10% to 12%, with the improvement largely thanks to the completion of previously disclosed power plant sales to real estate developer Concord Pacific

Now what: Better yet, Canadian Solar also stated that, for the first time in nearly two years, it "expects to be profitable at the net-income level on a US-GAAP basis."

That's obviously great news for shareholders, at least assuming the company can maintain this momentum going forward. With the stock currently trading at just 11 times next year's estimated earnings (even after today's pop), investors could still be looking at a bargain.