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 bond insurer MBIA (NYSE: MBI) started off the day on a strong note, rising as much as 14% before losing nearly all of that gain as the day wore on.

So what: Compared to last year, MBIA's second-quarter profit plummeted from $6.32 per share to $0.68 per share. While that may sound like terrible news, the company's bottom line has been whipsawed from quarter to quarter based on the changing value of its derivative holdings.

The MBIA that we see today is a shadow of what it once was. However, the company is continuing to aggressively work on its loss exposures and said it settled $8.7 billion in collateralized debt obligations over the past quarter. Additionally, though there was only one analyst offering an estimate on MBIA's second quarter, the company's $0.68 in per-share profit clobbered that $0.07 target.

Now what: On a day like today, it's tough for any stock to hang onto gains, least of all a company like MBIA that's highly linked to the financial system that everyone is so worried about. MBIA still has a lot of work ahead of it, so if there's a bullish thesis it's a long-term one that will play out as the company continues cleaning up its balance sheet and rebuilding its business. Investors probably shouldn't expect any sort of quick turnaround here.

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