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.