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: Goodrich Petroleum Corp. (NYSE: GDP) shares dropped 10% in intraday trading today after fourth-quarter GAAP EPS of -$0.59 came in well below the consensus of -$0.27.

So what: The earnings release did not explain the big disappointment, but noted that prices declined from the year-ago quarter. Despite a 13% increase in revenue, net cash provided by operating activities declined 34% year-over-year.  

Now what: Management said it expects 2011 production volumes to grow 10% to 20% after factoring in a recent divestiture, and it anticipates further reductions in per-unit lease operating expenses. It did not comment on the pricing outlook. The company has not reported a profitable quarter since the third quarter of 2008, and had impairment charges of $235 million and $209 million in 2010 and 2009, respectively. Today's earnings release suggests investors should stay on the sidelines pending evidence the company can return to profitability.

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Fool contributor Cindy Johnson does not own shares of any company named above. 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 Motley Fool has a disclosure policy.