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 propane distributor Inergy (NYSE: NRGY) fell 10% briefly this morning after the company announced earnings.

So what: Volume was through the roof at the open of trading, and in less than three hours of trading more than 2 million shares have traded hands. In quarterly results released last night, revenue was up 4.3% to $720.5 million and net income per share fell to $0.30. Both results were well below analysts' expectations.

Now what: The propane business was far below expectations as retail propane gallon sales fell to 129.7 million from 147.2 million last year. But the midstream operations performed as expected so revenue didn't take a complete nosedive. Shares have recovered from the sell-off early in trading, but I just don't see enough value here to jump in today.

Interested in more info on Inergy? Add it to your watchlist.