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 infant formula maker Synutra International (Nasdaq: SYUT) climbed 10% Wednesday after its quarterly results topped Wall Street expectations.

So what: Although the company swung to a fourth-quarter loss of $8.5 million, or $0.15 per share, the results were still ahead of analyst estimates of an $0.18-per-share loss, and much better than its $17.7 million loss in the second quarter. Of course, given how badly Synutra shares have been punished over the past year, management didn't exactly have a high expectations-bar to hop.

Now what: Synutra remains just too speculative for most investors. Last week, fellow Fool Tim Beyers highlighted Synutra's lackluster fundamentals as the reason to be cautious, and today's results don't exactly do a whole lot to change things. Synutra's returns on capital are still red, revenue is still slipping, and the shares still trade at a forward P/E premium to dairy plays like Dean Foods (NYSE: DF) and Lifeway Foods (Nasdaq: LWAY), so it's probably best not to get caught up in Mr. Market's excitement.

Interested in more info on Synutra? Add it to your watchlist.

Fool contributor Brian Pacampara owns no position in any of the companies mentioned. The Motley Fool owns shares of Dean Foods. Try any of our Foolish newsletter services free for 30 days.

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