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 wealth management product provider Noah Holdings (NYSE: NOAH) fell 11% today after the company released earnings.

So what: Revenues jumped 157.1% from last year, but were still only $14.0 million in the quarter. Net income was $4.2 million, or $0.08 per American depositary share.

Now what: With a market cap of $469.2 million, Noah is still trading at 12.4 times 2010 revenue, a steep price despite the fast rise in revenue. No analysts follow the stock, so it's hard to tell exactly where expectations were for this quarter. The stock is just too expensive for me, so I am going to leave this drop alone today.

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