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: Carrizo Oil & Gas (Nasdaq: CRZO) dropped 16% in intraday trading today after fiscal-third-quarter revenue and EPS fell far short of consensus expectations.

So what: EPS was $0.22, compared with a consensus estimate of $0.29 and year-ago EPS of $0.37. Revenue was $36 million, 31% below the consensus forecast and down 5% year-over-year.

Now what: Results suffered from a 19% decline in natural gas prices from the year-ago quarter. Like many oil and gas companies, Carrizo is shifting production from gas to oil to take advantage of rising oil prices. That said, management did not offer guidance or create confidence in analyst forecasts that EPS will rise markedly in 2011.

Interested in more info on Carrizo? Add it to your watchlist by clicking here.

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.