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 IT services expert Camelot Information Systems (NYSE: CIS) rode into battle today, rising as much as 11% on heavy volume.

So what: Desperate to reverse a 54% fall from annual highs, Camelot announced a $20 million share repurchase program, and there was much rejoicing. The buybacks are financed from Camelot's $119 million of debt-free cash balances.

Now what: Camelot has taken some flak lately after fellow China-based IT services firm Longtop Financial (NYSE: LFT) attracted an SEC inquiry over potential accounting misdeeds. Camelot is not only in the same sub-industry as Longtop and VanceInfo (NYSE: VIT), but they all have Deloitte as their auditor. With a market cap of about $750 million, a $20 million buyback doesn't make much of a difference, but it still counts as a vote of confidence from the company's management.

Interested in more info on Camelot Information Systems? Add it to your watchlist.

Fool contributor Anders Bylund holds no position in any of the companies discussed here. 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.