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 real estate investment trust RAIT Financial Trust (NYSE: RAS) continued to slide after a disappointing earnings announcement late last week. Shares were down more than 11% in intraday trading today.

So what: There were some hopeful signs for RAIT in its earnings release -- GAAP net income was positive and total debt declined, for instance. However, the results also provided plenty for investors to have indigestion over. Non-accrual loans were up, total revenue continued to decline, and operating income stayed stuck in the red.

Now what: Investors typically flock to REITs for their dividends -- something that has been conspicuously absent for RAIT since 2008. However, on the basis of certain financial multiples, RAIT looks like it's been beaten down to an absolute bloody pulp, which makes it an interesting pick for traders who enjoy volatility and the thrill of a long shot. For my money, though, the company's rocky results and opaque operations make this a stock to skip.

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