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 appliance manufacturer Deer Consumer Products (Nasdaq: DEER) took a beating today, falling by as much as 14% in intraday trading on light volume.

So what: Love him or hate him, you have to respect the power that Jim Cramer wields. Case in point: It appears that it was a mention of Deer during his show's "Lightning Round" that drove the stock's slump today. According to CNBC, he said: "Do not buy shares of this Chinese appliance company … the People's Republic is an accounting morass."  

Now what: For investors who have waded into the wooly world of Chinese small caps, the story with Deer is a familiar one. The Chinese company entered the U.S. public markets a few years ago through a reverse merger. Since then, it has shown significant growth -- boosting sales from $44 million in 2008 to $176 million in 2010. However, the company has recently come under attack from short sellers claiming suspect management practices and outright fraud. Management has fought back against the claims, and shares have recovered substantially since early last month, but today's weakness shows that some investors are still on edge.

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