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 digital smart card manufacturer China Digital TV (NYSE: STV) got a screen full of static today, falling as much as 17.2% on heavy trading.

So what: Last night's third-quarter report showed 22% year-over-year sales growth and flat earnings, but Street estimates had pointed to slightly higher earnings. Share prices have fallen more than 50% over the last year, even though this was the first bottom-line miss since 2009.

Now what: CEO Jianhua Zhu called this "another solid quarter" with "robust demand" and strong overall growth in the Chinese digital TV industry. Fellow Fool Rick Munarriz calls the company "a thinking investor's play on China's growing middle class," and I agree. There's nothing wrong with the business, and this Rule Breaker only becomes a better value as share prices fall for no sensible reason.

Interested in more info about China Digital TV? Click here to add it to My Watchlist.