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 China-based online gaming operator (Nasdaq: CYOU) are on a winning streak today, jumping as high as 10.7% on very heavy volume.

So what: First-quarter earnings of $0.99 per depositary share on revenues of $97.1 million crushed analyst targets and beat management guidance. Moreover, the company announced taking majority ownership of Web-based gaming outfit 7Road, adding another high-octane log to Changyou's fires.

Now what: The stock has gained 35% over the last three months. While impressive, that return trails Changyou parent (Nasdaq: SOHU) by a wide margin and the performance delta between the two intimately related stocks only grows if you zoom out to a 52-week view. The 7Road acquisition could be just what Changyou needed in order to swing past the Sohu mothership in coming years.

Interested in more info on Add it to your watchlist.