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) dropped 32% in intraday trading today after issuing disappointing earnings and guidance, and the CEO stated, "the near-term outlook for our industry lacks clarity."

So what: Non-GAAP EPS of $0.21 rose a modest 5% year over year and fell short of the $0.23 consensus estimate. GAAP EPS of $0.16 fell from $0.17 in the year-earlier quarter. Revenue of $68 million grew 32% year over year.

Now what: Wage inflation, particularly in China, is pressuring earnings while macroeconomic weakness is causing revenue growth to slow. For the third quarter, management said it expects revenue of $69 million to $72 million, growth of 24% to 29%, and non-GAAP diluted EPS of $0.19 to $0.21, below the consensus estimate of $0.25. For 2011, management expects revenue of "at least" $275 million and non-GAAP EPS of $0.84 to $0.90, below the consensus estimate of $0.97.

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Fool contributor Cindy Johnson does not own shares of any company named above. 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.