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 Continental Resources (NYSE: CLR) were beaten up today, falling 10% after the company released first-quarter earnings.

So what: Production grew 66% in the first quarter to 85,526 barrels of oil and revenue hit $395.1 million, but it wasn't enough to satisfy investors. Net income was just $69.1 million, or $0.76 per share when you exclude one-time items, but analysts had expected $0.85 per share in earnings and revenue of $548.8 million.  

Now what: Sometimes growth isn't enough, but Continental is planning to kick into high gear in 2012. The company expects to grow production by 37% to 40% from a previous guidance of 26%-28% in growth. That's incredible growth, but I am concerned about higher operating costs and increased capital spending to tap that production. I'm going to sit this move out for now and stick with larger, less volatile oil and gas companies.

Interested in more info on Continental Resources? Add it to your watchlist by clicking here.