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 oil & gas company FX Energy (Nasdaq: FXEN) fell 10% today after earnings were released continuing a move that started yesterday.

So what: Yesterday, investors were selling on discovery well details, but today's move is based on earnings, which were released after the bell. Net loss per share was $0.02, more than the penny loss an analyst expected, but with only one analyst covering the stock, it's hard to say that was really consensus.

Now what: 2010 revenue jumped 79% to $22.9 million as oil and gas production increased, but investors were expecting more. Gains are expected in 2011 when Sroda-4 and two Kromolice wells begin contributing a meaningful amount to earnings. Still, I am cautious about jumping into this move today. It looks like there's plenty of upside, but the market may beat the stock up a little more before it's safe for investors to jump in.

Interested in more info on FX Energy? Add it to your watchlist.

Fool contributor Travis Hoium does not have a position in any company mentioned. You can follow Travis on Twitter at @FlushDrawFool, check out his personal stock holdings or follow his CAPS picks at TMFFlushDraw.

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