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 miner Qiao Xing Universal Resources (Nasdaq: XING) were hopping today, gaining as much as 14% in intraday trading.

So what: The gains were in reaction to the company's report of fourth-quarter and full-year 2010 results. Well, at least for the company's mining business. The earnings release was far from comprehensive, and it appeared that the company mostly presented the data that it wanted investors to see. Fourth-quarter results, for instance, were said to have been impacted by plant maintenance, but the press release didn't provide comparable fourth-quarter 2009 results to stack them up against.  From a full-year perspective, though, the mining operations did give the company something to crow about, as net income increased 41% on a 55% increase in revenue.

Now what: Not surprisingly, the company chose to ignore its stake in the money-losing Qiao Xing Mobile (NYSE: QXM) for the purposes of this report. Earlier this year, Qiao Xing Universal's attempt to buy the portion of Qiao Xing Mobile that it doesn't already own fell through. Based on today's press release, it sounds like Qiao Xing Universal will go in the opposite direction and potentially announce plans next month to divest its stake in the mobile-handset manufacturer.

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