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: VanceInfo Technologies (NYSE: VIT) popped 14% in intraday trading today after its closing price dropped 15% over the first three days of the week.

So what: VanceInfo's stock began dropping on Monday on news that another China-based IT company, Longtop Financial Technologies (NYSE: LFT), had its auditor quit, had its CFO offer to quit, and was the subject of a Securities and Exchange Commission inquiry. The auditor, Deloitte, cited "recently identified falsity" in Longtop's financials and "deliberate interference" by Longtop management in explaining its resignation.

Now what: Several Chinese companies, including Longtop and China MediaExpress Holdings (OTC BB: CCME.PK), have been accused of accounting fraud, raising concerns about the reliability of financial reports from other Chinese companies such as VanceInfo. On Wednesday, Oppenheimer downgraded VanceInfo and another Chinese IT services company, Camelot (NYSE: CIS), because of limited confidence in financial statements of Deloitte's Chinese IT services clients. Today's buyers appear to be looking past guilt by association and bargain hunting.

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