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 E Commerce China Dangdang Inc (ADR) (DANG) were up 13% as of 1 p.m. Tuesday after the company released solid unaudited fourth-quarter results.

So what: Quarterly net revenue climbed 27% year over year to $403.7 million, which translated to a 51.4% increase in net income to $5.3 million, or $0.06 per diluted American depositary share.  Analysts, on average, were expecting the same per-share earnings on slightly lower sales of $402.6 million.

In addition, Dangdang expects current-quarter revenue to grow 28% year over year to RMB 2.2 billion, or $355 million based on current exchange rates. Wall Street would have settled for 26.6% growth to $353.5 million.

Now what: Today's top-line beat wasn't exactly huge, but it was also a relief considering investors were worried after Dangdang rescheduled its earnings call earlier this month due to what it described as a "scheduling issue." Shares declined more than 8% that day on speculation of negative news following the release.

In any case, while I'm not personally compelled to buy Dangdang today with shares trading around 53 times trailing-12-month earnings, I can't blame the market for temporarily bidding up the stock given its modest beat.