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 specialist Perfect World (Nasdaq: PWRD) earned an achievement badge today by rising as much as 13.1% in very heavy morning trading.

So what: A brilliant first-quarter report showed earnings of $0.76 per depositary share on $110 million in revenue, both far above Wall Street estimates. The revenue forecast for next quarter also left analysts flat-footed.

Now what: This jump goes a long way toward repairing the damage done by a disappointing report last November, although today's peaks still sit more than 21% below annual highs. More to the point, Perfect World shares are on the rise as chief rivals Shanda Interactive (Nasdaq: SNDA) and NetEase (Nasdaq: NTES) have gone swooning lately, not to mention its frugal valuation of less than 11 times trailing earnings.

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

Fool contributor Anders Bylund holds no position in any company mentioned. Click here to see his holdings and a short bio. Motley Fool newsletter services have recommended buying shares of NetEase.com. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.