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 tanker company Overseas Shipholding Group (NYSE: OSG) fell 12% today after the company released a mixed earnings report.

So what: Second-quarter adjusted net loss per share of $1.20 was actually better than the $1.43 loss analysts were expecting. The loss is the ninth straight quarterly loss and caused the company to cut its dividend payout to a $0.875 rate annually.

Now what: An oversupply of tankers in the industry with more being built annually has put companies like Overseas Shipholding in a tough position. It can operate ships at a loss for each voyage or write them off completely, taking a massive loss in the process. Right now there's no end in sight to the losses, and the company's dividend is also taking a big hit. I see no reason to jump into shares today.

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