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 surveillance products specialist China Security & Surveillance (NYSE: CSR) plummeted as low as 17% in intraday trading after its quarterly results and future outlook disappointed investors.

So what: While China Security managed to grow its third-quarter revenue by 14% to $182 million, analysts were expecting a top-line of $201 million. Even more concerning, however, was China Security's downside guidance for 2010 and 2011, suggesting that the company's heady growth is slowing much sooner than expected.

Now what: Although this report doesn't exactly bode well for China Security's short term, it's pretty easy to find long-term value in the shares. Even when you factor in today's lowered outlook, the plunge has China Security still sitting at an extremely paltry forward P/E of five. While China Security certainly has its risks -- it competes with industrial giants General Electric (NYSE: GE) and Honeywell (NYSE: HON), after all -- they seem to be baked well into the price.

Interested in more info on China Security? Add it to your watchlist by clicking here.