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 mobile services company KongZhong (Nasdaq: KONG) dove as much as 12% in intraday trading today as investors reacted to the company's third-quarter earnings.

So what: Apparently investors didn't see much in the way of fun and games from KongZhong's third-quarter numbers. Revenue for the quarter was higher than expected, but that was undercut by the fact that costs ate away at the higher sales and the company's $0.03 in per-share profit fell just short of analysts' estimates. The company's projection for fourth-quarter revenue also fell short of what Wall Street was hoping for.

Now what: Investors can still find reasons to invest in KongZhong. High on the list is that the company has very little debt and a huge $134 million cash pile. On the flip side, though, the company does play in a highly competitive space against the likes of SINA (Nasdaq: SINA), Sohu.com (Nasdaq: SOHU), and even the massive China Mobile (NYSE: CHL), and hasn't shown itself to be an industry leader. KongZhong's cash certainly makes the stock more of a value than it would appear at first glance, but I find it pretty hard to get excited about the company backing up that stock.

Want to keep up to date on KongZhong? Add it to your watchlist.

Sohu.com is a Motley Fool Rule Breakers selection. SINA is a Motley Fool Stock Advisor recommendation. The Fool owns shares of China Mobile. 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.