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 Basic Energy Services (NYSE: BAS) rose more than 10% in early trading after the company surpassed analysts' target for fourth-quarter revenue and earnings. Enthusiasm for the stock has waned since this morning, however, and the shares are up just over 1% as of this writing.

So what: Revenue for this small Texas supplier of oil and gas drilling services rose 66% to $212.9 million. Net loss went from $0.61 in last year's fourth quarter to just $0.05 in the same period in 2010. Analysts were expecting a $0.13 per share loss on $209.8 million in revenue.

Now what: You've got to love a business that says exactly what it does. Basic. Energy. Services. Awesome. Even so, today's there's no reason to buy this stock before the company gets back to producing a profit, as it did routinely prior to 2009. Today's intraday pullback likely reflects that.

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