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 software development outsourcing service HiSoft Technology (Nasdaq: HSFT) rose as much as 15% in intraday trading on more than triple the average volume.  

So what: Early last week, investors cheered the Beijing-based HiSoft's profit-doubling third quarter, only to see the stock drift lower over the following days on persistent China worries. It should come as no surprise, then, that the positive economic data out of China today is helping fuel a super-bounce in HiSoft's shares.

Now what: I'd be hesitant about jumping in at this point. With today's rally, HiSoft is now up more than 200% since its June IPO and trades at a lofty 55-plus P/E. While HiSoft has received projects from the likes of Microsoft (Nasdaq: MSFT) and Hewlett-Packard (NYSE: HPQ) in the past, rivals like Infosys (Nasdaq: INFY) and Cognizant Technology (Nasdaq: CTSH) seem like cheaper outsourcing bets, going forward. 

Interested in more info on HiSoft? Add it to your watchlist.

Fool contributor Brian Pacampara owns no position in any of the companies mentioned. Microsoft is a Motley Fool Inside Value pick, and Motley Fool Options has recommended a diagonal call position on it. The Fool owns shares of Microsoft. Try any of our Foolish newsletter services free for 30 days.

We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Fool's disclosure policy always gets a perfect score.