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 E-House (NYSE:EJ), a real estate agency and information services company in China, jumped as much as 19% after reporting its second-quarter earnings results. Shares have since rescinded most of their gains and are now up just 2%.

So what: For the quarter, E-House delivered a 43% increase in revenue to $163.4 million with real estate online revenue providing the biggest pop, up 79%! Non-GAAP net income rose by a more impressive 127%, although with more shares outstanding, EPS rose by a little less than double to $0.11 from $0.06 in the year-ago period. Comparatively speaking, E-House crushed the Street's expectations, which had called for revenue of $135.8 million and EPS of $0.06. Furthermore, E-House yet again upped its full-year revenue forecast from a previous projection of $600 million to its new guidance of $630 million, representing 36% year-over-year growth. The current consensus on the Street had been for $594.8 million in revenue.

Now what: This was certainly a strong quarter, everything considered. I was concerned that a slowdown in China's GDP growth might trickle down to first-time homebuyers and investors in China, potentially harming the housing market -- but apparently that's not happening. E-House ended the quarter with no debt and $188 million in cash, which is also something I definitely love to see. Although its forward P/E of 13 isn't particularly expensive, the 40% run-up in shares this week before its earnings report gives me enough reason to wait for a pullback before suggesting you dig deeper into E-House.

Fool contributor Sean Williams has no material interest in any companies mentioned in this article. You can follow him on CAPS under the screen name TMFUltraLong, track every pick he makes under the screen name TrackUltraLong, and check him out on Twitter, where he goes by the handle @TMFUltraLong.

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