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 Complete Production Services (NYSE: CPX) soared more than 10% on intraday trading after reporting revenue and earnings that soundly beat Wall Street projections.

So what: Revenue improved 16% to $418.6 million. Per-share earnings came in at $0.42, reversing a Q3 2009 loss of $0.69 per share. Analysts had been expecting $390.9 million in revenue and $0.31 in profit.

Now what: The report comes a day after oil services peers Weatherford (NYSE: WFT) and Halliburton (NYSE: HAL) sold off sharply. FBR Capital has since downgraded its rating on Weatherford while the Fools following Complete Production Services continue to give the stock five out of five stars in Motley Fool CAPS.

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Fool contributor Tim Beyers is a member of the Motley Fool Rule Breakers stock-picking team. He didn't own shares in any of the companies mentioned in this article at the time of publication. Check out Tim's portfolio holdings and Foolish writings, or connect with him on Twitter as @milehighfool. You can also get his insights delivered directly to your RSS reader. The Motley Fool is also on Twitter as @TheMotleyFool. Its disclosure policy is at least 10% better than other disclosure policies.