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 online entertainer (Nasdaq: NTES) don't look too entertaining today, having slid as much as 10.1% in brisk intraday trading.

So what: The entire stable of China-centric online gaming and entertainment stocks are suffering today, following a harsh research note on (Nasdaq: YOKU) by Pacific Crest. SINA and lost as much as 9.6%, while industry titan Baidu sunk by 7.4%.

Now what: It's a head-scratcher, because this sector was never terribly expensive to begin with. NetEase currently trades for about 12 times forward earnings with a very reasonable PEG ratio, and it didn't deserve a valuation-based beatdown today. If you've been waiting for a chance to take a position on NetEase, either in real money or as a thumbs-up CAPS call, this could be the perfect opportunity.

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

Fool contributor Anders Bylund holds no position in any of the companies discussed here. Baidu,, and are Motley Fool Rule Breakers recommendations. Sina is a Motley Fool Stock Advisor selection. 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 Motley Fool is investors writing for investors.