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: McMoRan Exploration (NYSE: MMR) is down 12% in trading today as results failed to meet Wall Street's expectations.

So What: McMoRan's per-share loss was nearly cut in half to $0.26, but investors were disappointed that revenue of $94.8 million missed expectations of $98.7 million. Production was down to 146 million cubic feet of gas equivalent per day, lower than expected.

Now What: As most Gulf of Mexico-centric drillers and explorers are enjoying higher prices, McMoRan is lagging because of a disappointing quarter. But as the Gulf of Mexico becomes open for drillers, this could provide a buying opportunity for McMoRan. Earnings missed estimates by only $0.01 and increased exploration in the Gulf should provide more opportunity next year.

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