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 Phoenix New Media Ltd. (FENG 7.66%) dropped more than 11% Thursday after the company reported mixed quarterly earnings results.

So what: Quarterly revenue rose 32.3% year over year, to $61.9 million, which translated to adjusted net income of $0.17 per share. Analysts, by contrast, were looking for adjusted earnings of $0.13 per share on sales of $62.3 million.

However, the company also stated it expects sales to fall sequentially to a range of $60.15 million to $61.8 million -- not something investors generally want to see from a small-cap growth stock trading around 29 times last year's earnings.

Now what: Still, the strong quarterly results were enough to spur analysts at JPMorgan to both reiterate their "overweight" rating on Phoenix New Media, while raising their price target by one dollar to $15 per share. To explain the reiteration, JPMorgan noted, "China's media consumption continues to shift from online to mobile, as evidenced by the 400% YoY growth in the iFeng News app's daily active users."

To be sure, its safe to expect that transitition to continue, and companies like Phoenix New Media are positioned especially well to benefit. While I'm not personally compelled enough to buy shares just yet, given the sequential lull in growth, at the very least, I think investors would be wise to add the stock to their watchlists.