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 real estate services provider China Real Estate Information Corp., or CRIC, (Nasdaq: CRIC) surged 14% at the open of Tuesday's trading after its quarterly results topped Wall Street expectations.

So what: Driven by an impressive 55% jump in revenue, CRIC posted a first-quarter profit of $0.05 per share, versus the average analyst estimate of $0.04 per share. If you're thinking that those results don't exactly warrant a big double-digit rally, Mr. Market has already sobered up some -- the shares have sold off quickly since the opening spike and are now up only about 2.5%.

Now what: Management now sees current quarter revenue of between $52 and $54 million. While that near-term outlook also managed to top analyst forecasts, CRIC remains a questionable long-term opportunity. Given its super-low returns on capital, high P/E, and, of course, exposure to China's bubbly housing market, I'd wait for a much bigger pullback before even thinking about jumping in.

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

Fool contributor Brian Pacampara owns no position in any of the companies mentioned. 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 Fool's disclosure policy always gets a perfect score.