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 insurer CNinsure (Nasdaq: CISG) are moving lower by 11% today after the company reported fourth-quarter results after the bell last night.

So what: CNinsure's report showed another quarter of double-digit growth. The company reported quarterly revenue of $68 million and earnings of $0.37 for the quarter. CNinsure cited strength in its growing life insurance and property and casualty business as the main drivers behind its impressive growth. These results compare to consensus estimates that called for revenue of $69.3 million and earnings of $0.34.

Now what: It's clear that investor sentiment is deflated following the company's revenue miss. What might seem like a great growth story has me somewhat skeptical. Some of the figures highlighted in this quarterly filing lead me to believe this growth rate is simply unsustainable. Revenue grew 26% year over year, but expenses jumped by 29%. Operating margins also fell 1.5% year over year. Perhaps the biggest red flag is that share-based compensation increased by 299% despite a precipitous yearlong fall in its stock price. Personally, I'd pass on CNinsure in favor of larger insurers such as Travelers (NYSE: TRV) or Chubb (NYSE: CB), which pay a dividend and won't surprise investors with large increases in stock-based compensation.

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