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 oilfield service specialist Complete Production Services (NYSE: CPX) dropped as much as 13% in early Friday trading after its fourth-quarter earnings came in below expectations.

So what: Despite a market-topping 88% jump in revenue, Complete Production managed to post a quarterly profit of just $0.49 per share, versus the average analyst estimate of $0.53 per share. The shares had risen more than 100% over the past year and sport a beta of around three, so Mr. Market's ultra-negative reaction to the miss shouldn't be a huge surprise.

Now what: Complete Production is certainly worth looking into. Despite the stock's price strength over the past year, it currently sports a paltry forward P/E under 10, representing a clear discount to gorilla rivals such as Baker Hughes (NYSE: BHI) (14.1) and Schlumberger (NYSE: SLB) (17.8). With Complete Production CEO Joe Winkler "optimistic about activity levels in 2011," today's double-digit pullback seems like a particularly tasty entry point.

Interested in more info on Complete Production? Add it to your watchlist.

Fool contributor Brian Pacampara owns no position in any of the companies mentioned. The Fool owns shares of Schlumberger. Try any of our Foolish newsletter services free for 30 days.

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