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 digital TV smart-card maker China Digital TV (NYSE: STV) were getting kicked around by Mr. Market today, losing as much as 14% in intraday trading after reporting first-quarter results.

So what: In his weekly look ahead, my fellow Fool Rick Munarriz said that China Digital TV was expected to post "modest growth." For a value investor like myself, the 30% year-over-year earnings-per-share growth that the company ended up reporting is a bit more than modest, but it was not nearly enough for Wall Street -- or the growth-focused crowd -- following it. Earnings per share were $0.13 for the first quarter, which was easily short of the $0.15 analysts had estimated. Revenue was up 38% from last year to $19.3 million, which was just shy of the $19.8 million Wall Street was looking for.

Now what: And while the results may have been softer than investors had hoped for, the outlook wasn't any more encouraging. For the second quarter, the company projected year-over-year sales growth of 4% to 12%, which is short of current analyst expectations. On the bright side though, the shares -- particularly after today's drop -- are hardly trading at a pricey premium. Based on current 2011 expectations, China Digital TV's shares trade at roughly 8.5 times earnings.

Want to keep up to date on China Digital TV? Add it to your watchlist.