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 Newfield Exploration (NYSE: NFX) fell 17% today after the company reported earnings and cut 2011 production forecast.

So what: During the third quarter, revenue was just $628 million, well below analyst estimates of $700.3 million. Earnings per share of $1.04 were below estimates of $1.16 per share, and the company also cut production forecast by 12 billion cubic feet equivalent.

Now what: There really isn't anything positive to take from this earnings report, as Newfield was a triple downer by missing on revenue, earnings, and forecast. One of the major issues going forward is the company's capital spending budget, where spending has already reached 85% of the annual budget. That will require the company to cut back on some exploration and focus on a smaller number of projects going forward.

Interested in more info on Newfield Exploration? Add it to your watchlist by clicking here.