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.

Fool contributor Anders Bylund holds no position in any of the companies discussed here. LoopNet is a Motley Fool Rule Breakers pick. 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.