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 PetroQuest Energy (NYSE: PQ) rose as much as 15% today after management delivered its third-quarter earnings report.

So what: The oil and natural gas company earned $0.08 per share this quarter, compared with $0.07 in the same period last year. Revenue fell to $46.3 million. These results were below the dreaded analyst expectations, but the market didn't seem to mind.

Now what: Perhaps Mr. Market was impressed with the company's financial position, which management says is now at its strongest point ever. There's $55 million in cash on the balance sheet, no bank debt, and the maturity of its high-yield debt has been pushed out to 2017. "Discretionary cash flow" dipped somewhat but was also fairly strong this quarter, at $30.1 million.

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