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."

Interested in more info on Exterran Holdings? Add it to your watchlist by clicking here.

Fool analyst Rex Moore doesn't own companies mentioned here. 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 Fool has a disclosure policy.