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 clean tech company SmartHeat (Nasdaq: HEAT) slid close to 12% in intraday trading after the company reported third-quarter earnings.

So what: SmartHeat's third quarter actually looked pretty good. Revenue was up 36% from last year, and net income climbed 25%. Though earnings per share fell versus 2009 because of a higher share count, both earnings per share and revenue hopped over the bar Wall Street had set.

Now what: It was SmartHeat's outlook, though, that may have turned investors' smiles upside down. The company set revenue and earnings guidance for 2011 with midpoints of $148 million and $28 million, respectively, both short of analysts' estimates. In addition, fellow China clean tech player RINO International (Nasdaq: RINO) has been knocked around by fraud allegations, and SmartHeat's stock may be feeling the heat from that (and yes, the pun was intended).

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