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 Exterran Holdings (NYSE: EXH) were down as much as 11% today after management delivered third-quarter earnings this morning.

So what: Exterran, which is in the oil and natural gas services industry, reported a loss of $0.29 per share on revenue of $625.6 million. In last year's third quarter, the business recorded a gain of $0.30 per share. Net loss from continuing operations was $0.25 per share, which was actually a tad better than expectations.

Now what: The drop in share price today is even more dramatic considering the oil and gas equipment and services industry is up 4% as I write this -- led by stalwarts like Weatherford International (NYSE: WFT) (up 6%). Curious about the oil and natural gas environment? In today's conference call, Exterran CEO Ernie Danner said he believes "activity levels are bottoming with a view for an uptick going forward, although at a relatively slow pace over the near-term due to the current natural gas price environment."

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