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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