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: Semgroup (Nasdaq: SEMG) shares dropped 16% in intraday trading today after a disappointing earnings release.

So what: Fourth-quarter 2010 EPS was -$0.12 on revenue of $453 million. There are no analysts providing estimates, and results cannot be compared to the year-ago quarter because the company was in bankruptcy for much of the quarter.

Now what: The earnings release stated the company is moving forward in 2011 after addressing "a number of critical reorganization issues during 2010." It did not offer guidance and mentioned debt refinancing as a 2011 priority. This turnaround appears to need a lot more turning.

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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.