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.

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Fool contributor Matt Koppenheffer does not have a financial interest in any of the companies mentioned Yongye International is a Motley Fool Global Gains recommendation. The Fool owns shares of Yongye International.  You can check out what Matt is keeping an eye on by visiting his CAPS portfolio, or you can follow Matt on Twitter @KoppTheFool or on his RSS feed. The Fool's disclosure policy prefers dividends over a sharp stick in the eye.