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 Chinese clean tech company SmartHeat (Nasdaq: HEAT) slid close to 12% in intraday trading after the company reported third-quarter earnings.

So what: SmartHeat's third quarter actually looked pretty good. Revenue was up 36% from last year, and net income climbed 25%. Though earnings per share fell versus 2009 because of a higher share count, both earnings per share and revenue hopped over the bar Wall Street had set.

Now what: It was SmartHeat's outlook, though, that may have turned investors' smiles upside down. The company set revenue and earnings guidance for 2011 with midpoints of $148 million and $28 million, respectively, both short of analysts' estimates. In addition, fellow China clean tech player RINO International (Nasdaq: RINO) has been knocked around by fraud allegations, and SmartHeat's stock may be feeling the heat from that (and yes, the pun was intended).

Want to keep up to date on SmartHeat? Add it to your watchlist by clicking here.

Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors.

Fool contributor Matt Koppenheffer does not own shares of any of the companies mentioned. You can check out what Matt is keeping an eye on by visiting his CAPS portfolio, or you can follow Matt on Twitter @KoppTheFool or on his RSS feed. The Fool's disclosure policy assures you no Wookiees were harmed in the making of this article.