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 online gaming operator (Nasdaq: CYOU) are floating as high as 12.5% above last night's closing price, while more than three times the average daily volume of shares are trading hands.

So what: The separately traded online-gaming unit of (Nasdaq: SOHU) beat analyst expectations in its fourth-quarter report and also announced that a long-awaited game will launch in March with a heavy marketing push. The company now has 2.7 million paying, active subscriptions out of a staggering 111.4 million total user accounts.

Now what: I understand that Asian countries are big gamers, and Changyou is taking advantage of that. As impressive as Changyou's customer list is, that's still just 8.3% penetration of the Chinese population, and there's a lot of work left to be done to convert free accounts into paying customers. The growth opportunity ahead of this company remains immense, yet the stock trades at just 11.6 times trailing earnings today.

Interested in more info on Add it to your watchlist.

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