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 mortgage insurer Radian Group (NYSE: RDN) toppled as much as 10% in intraday trading before making a substantial comeback.

So what: Analysts were expecting Radian to post a loss, but a much smaller loss than it ended up reporting. Radian's bottom line was in the red to the tune of $8.55 per share. The loss was driven by changes in the value of derivatives, losses on other financial instruments, a hefty tax adjustment, and continued struggles with insurance losses.

Now what: While the magnitude of the loss may have been a surprise, nobody should have been shocked at the general tenor of Radian's report. Just yesterday, we heard from Genworth Financial (NYSE: GNW), which also missed estimates and threw up its hands when the subject of mortgage insurance profitability came up. The latter point may be what's of particular concern to Radian investors right now. The tax adjustment during the quarter came as the company's continued losses, and uncertainty about when the bottom line will reverse course, called into question its ability to actually use its deferred tax assets. Based on today's trading though, the quarterly numbers may have come as an initial shock to investors, but they appear to have calmed down a bit after digesting the results a bit further.

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Fool contributor Matt Koppenheffer owns shares of Genworth Financial, but does not own shares of any of the other companies mentioned. You can check out what Matt is keeping an eye on by visiting his CAPS portfolio, or you can follow Matt on Twitter @KoppTheFool or on his RSS feed. The Fool's disclosure policy prefers dividends over a sharp stick in the eye.