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 Forest Oil (NYSE: FST) went up in flames today, falling 10% after the company reported disappointing earnings.

So what: First-quarter revenue of $203.1 million fell well short of the $225 million analysts had expected, and that didn't help the bottom line. Adjusted EPS was only $0.19, below the $0.33 analysts expected, as low natural gas prices hurt the company.

Now what: Forest Oil is now deploying capital to liquid plays in hopes of turning around future results. Considering the wide discrepancy between what Wall Street expected and what the company reported, I'm a little cautious about the stock today. I'd like to see the liquid plays start to show results before jumping in the stock, so I'll sit out today's move.

Interested in more info on Forest Oil? 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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