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.

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