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 Noah Holdings (NYSE:NOAH), a China-based asset management firm that caters to upper-income individuals, fell as much as 11% after reporting its second-quarter earnings results.

So what: For the quarter, Noah's net revenue soared 132% to $44.3 million as non-GAAP net income jumped 129% to $16.1 million. Adjusted EPS for the quarter came in at $0.29, however, there are no comparable Wall Street estimates. The total number of registered clients rose by 35% during the quarter while the aggregate value of wealth management products distributed doubled. Noah also announced the appointment of a new chief financial officer, Dr. Theresa Tang.

Now what: If you've ever wondered what "buy the rumor, sell the news" is all about, then here's a textbook example. The earnings report is almost flawless with recurring revenue up 133%, and practically all metrics exhibiting rapid growth. The worry, though, and the likely reason for the drop, comes from two fronts. First, the changing of its CFO is sure to conjure up bad memories from three years ago, when more than a dozen Chinese-based frauds shocked investors. Anytime investors see a China-based company's CFO leave, they get a bit jittery. Second, it gives investors who pumped up Noah's share price 40% in a matter of days on the heels of an Oppenheimer upgrade a reason to sell their stock as its full-year forecast of 86% to 105% non-GAAP net income growth merely met existing expectations. However, I don't believe there's anything to worry about, here, and would certainly suggesting digging a little deeper if the share price retreats a bit more.

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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