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 Approach Resources (Nasdaq: AREX) fell 13% today after the company released earnings.

So what: Revenue increased 121% to $29.1 million, and net income improved to $8 million, or $0.28 per share. Analysts were only expecting $27.5 million in revenue and earnings of $0.22 per share.

Now what: Proved reserves also increased 32% this quarter to 66.8 million barrels of oil equivalent. The move today seems a little curious, considering the across-the-board improvements the company posted. I think today's slump provides a nice discount for investors looking to buy shares of Approach Resources.

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