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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 China-based online gaming specialist Perfect World (Nasdaq: PWRD ) earned an achievement badge today by rising as much as 13.1% in very heavy morning trading.
So what: A brilliant first-quarter report showed earnings of $0.76 per depositary share on $110 million in revenue, both far above Wall Street estimates. The revenue forecast for next quarter also left analysts flat-footed.
Now what: This jump goes a long way toward repairing the damage done by a disappointing report last November, although today's peaks still sit more than 21% below annual highs. More to the point, Perfect World shares are on the rise as chief rivals Shanda Interactive (Nasdaq: SNDA ) and NetEase (Nasdaq: NTES ) have gone swooning lately, not to mention its frugal valuation of less than 11 times trailing earnings.
Interested in more info on Perfect World? Add it to your watchlist.