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) sank as low as 12% after announcing plans late Friday to sell Beijing Fanhau Datong Investment Management for nearly $64 million.

So what: The move prompted Wall Street analyst JPMorgan Chase to downgrade CNinsure from Neutral to Underweight, as the loss of Datong revenue and higher expenses should cut significantly into earnings. In fact, JPMorgan Chase lowered its 2012 and 2013 profit forecast for the company by a substantial 25% and 32%, respectively, which Mr. Market obviously isn't thrilled about.

Now what: I'd be cautious about pouncing on today's plunge. Along with the downgrade, JPMorgan Chase cut its price target on CNinsure to $12 per share, giving investors virtually no margin of safety to work with. With the more-established Chubb (NYSE: CB) trading at a single-digit P/E, the new uncertainty associated with CNinsure's business direction doesn't seem worth the headache.

Interested in more info on CNinsure? Add it to your watchlist.

Fool contributor Brian Pacampara owns no position in any of the companies mentioned. Try any of our Foolish newsletter services free for 30 days.

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