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 NQ Mobile (NYSE: NQ) have plunged today by as much as 15% after the company reported first-quarter earnings.

So what: Revenue jumped to $16 million, topping the high end of the company's guidance, while earnings per share came in at $0.04. Sales topped expectations, but the market was looking for $0.13 per share in profit.

Now what: NQ Mobile also announced its intention to acquire a 55% majority stake in Beijing NationSky Network Technology in a cash-and-stock transaction that's expected to close this quarter, although no other financial terms were disclosed. Canaccord Genuity is reiterating its "buy" rating and raising its price target to $17, as NQ Mobile has a strong presence in China. The company also raised its full-year revenue guidance to a range of $73 million to $75 million.

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