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 Quicksilver Resources (NASDAQOTH:KWKAQ) jumped 15% today after reporting third-quarter earnings.

So what: Revenue fell from $169 million a year ago to $113 million, but that's due in large part to asset sales. What's more impressive is a swing to a third-quarter profit of $11 million, or $0.06 per share, after coming close to bankruptcy over the past couple of years.  

Now what: Management is executing on a deleveraging plan and even announced a deal with Eni today that would pay up to $52 million for a 50% stake in Quicksilver's Leon Valley acreage. This and more has helped the company reduce net debt over the past year, although I'm still concerned about $1.93 billion in long-term debt hanging over the company. That risk alone will keep me out of the stock, but if conditions continue to improve, there's certainly a lot of upside for investors.

Fool contributor Travis Hoium has no position in any stocks mentioned, and neither does The Motley Fool. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.