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: Perfect World (Nasdaq: PWRD) shares gained more than 10% in intraday trading, after the company announced beta-testing plans for its new game Dragon Excalibur.

So What: The stock was up on unusually high volume today, indicating that big buyers may have come into the market. It's unclear whether the beta test announcement drove this activity.

Now What: Dragon Excalibur's move into beta comes more than a year after its initial announcement in August 2009. A more definitive timeline may be giving investors confidence to jump into this stock. MMORPG games have proved very profitable for Activision Blizzard (Nasdaq: ATVI), and a growth engine for Perfect World, so Dragon Excalibur’s move to beta test should be a positive catalyst for the stock.

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