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 Frontier Communications (NYSE: FTR) fell as much as 16% after reporting fourth-quarter results that disappointed Wall Street.

So what: What was a double-digit sell-off early has since moderated to being down about 7% as of this writing. To me, this suggests that the size of Frontier's flop could have as much to do with trouble in Libya and $100 oil -- twin fears that seem to be spooking investors today -- as the report.

Now what: And yet the report was weak. Revenue doubled to $1.36 billion thanks to big contributions from lines acquired from Verizon Communications. Profit soared to $0.05 a share from $0.01 a share a year ago. Trouble is, analysts were expecting $1.39 billion and $0.10 a share, respectively.

For the long term, the selling probably doesn't make much sense. Frontier generated more than $560 million in free cash flow last year, enough to cover interest payments and a fat dividend that yields 8% as of this writing.

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Fool contributor Tim Beyers is a member of the Motley Fool Rule Breakers stock-picking team. He didn't own shares in any of the companies mentioned in this article at the time of publication. Check out Tim's portfolio holdings and Foolish writings, or connect with him on Twitter as @milehighfool. You can also get his insights delivered directly to your RSS reader. 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 is also on Twitter as @TheMotleyFool. Its disclosure policy is at least 10% better than other disclosure policies.