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 Chinese fertilizer manufacturer Yongye International (Nasdaq: YONG) leapt as much as 17% in intraday trading before settling back down to a much smaller gain.

So what: The excitement today stemmed from Yongye's announcement of preliminary results for the first quarter. At this point, management sees first-quarter revenue clocking in at $50.2 million, which is more than double the first quarter of last year and well ahead of the $35 million that analysts were looking for. The company also affirmed its expectation of revenue in the range of $315 million to $325 million for all of 2011.

Now what: Obviously the news ended up ringing hollow for many investors as sellers chipped away at the big gains early in the day and left the stock with a fairly unimpressive gain. Like many other Chinese reverse-merger companies, Yongye has been under attack by short-sellers claiming that something doesn't smell right at the company. To the extent that the market believes short-sellers' claims, even impressive financial reports can lose a lot of their punch.

Want to keep up to date on Yongye? Add it to your watchlist.