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 Chinese travel agency Ctrip.com (Nasdaq: CTRP) fell 12% today after it reported disappointing revenue in the second quarter.

So what: Revenue fell 8% from the previous quarter to $153 million, about $1.8 million below estimates. Earnings, however, came in at $0.13 per share, $0.04 above estimates.

Now what: This was more a reaction to potential problems than just a response to the numbers from today. Investors are worried that the Chinese economy is slowing down, and when a company like this misses revenue estimates, even by a small margin, investors get concerned. Shares still trade at 17 times earnings, so I wouldn't go out and rush into shares considering the negative momentum of revenue.

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