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 real-estate listing expert SouFun Holdings (Nasdaq: SFUN) are no fun at all today, trading down as much as 17.7% on massive volume before recovering slightly.

So what: SouFun's first quarter wasn't half bad as earnings nearly doubled year-over-year to $0.09 per depositary share on 54% higher sales. Moreover, management upped its revenue guidance for 2011 to match analyst estimates more closely. Bad news? Not here.

Now what: Then again, SouFun shares have been on an absolute tear lately with 30% gains in the last month before this report. That made American counterpart LoopNet (Nasdaq: LOOP) look like a bad investment by comparison, even when including a 31% buyout premium from buyer CoStar Group (Nasdaq: CSGP). In other words, investors were expecting miracles -- cheered on by multiple analyst upgrades along the way -- but had to settle for a merely great quarter in the realm of mortals. SouFun will come back from this much-needed reality check.

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