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 ATP Oil & Gas (Nasdaq: ATPG) fell 10% at the market open after the company released earnings.

So what: In the fourth quarter, revenues increased 90.7%, to $141.7 million, but the loss per share ballooned to $4.06 per share. Excluding one-time items, the loss would have been $14.6 million. Production increased to 24.9 million barrels of oil equivalent from 21.1 million in the third quarter.

Now what: Production is increasing, but the massive loss per share is a little concerning, even though most of the items were non-recurring. The stock has recovered some of the losses after early selling, and with analysts expecting ATP to swing into a profit next year, there should be positive news ahead. I'm cautious on today's move and will wait to see tangible financial results before jumping in.

Interested in more info on ATP Oil & Gas? 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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