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 Cal Dive International (NYSE: DVR) plunged as much as 14% in intraday trading after reporting a worse-than-expected first-quarter loss.

So what: Revenue rose 66% to $95.4 million, yet the profit picture didn't improve. The oilfield services provider lost $0.20 a share in Q1. Analysts had been calling for a $0.09-per-share loss on $98.2 million in revenue.

Now what: The miss comes at an odd time. Oil remains well above $100 a barrel, which should give Cal Dive customers Apache (NYSE: APA) and Chevron (NYSE: CVX) plenty of reason to increase their use of the company's services. But if they are, the higher revenue still isn't translating into higher profits. I'd avoid this stock untill that changes.

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