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 ION Geophysical (NYSE: IO) fell as much as 16% in early trading today after the company released earnings.

So what: Revenue fell to $115.7 million from $121.6 a year ago, and well below analysts' estimates of $123.8 million. Earnings per share of $0.06 were just a penny lower than expected.

Now what: Management pointed to a slow recovery of the data-processing business as a major driver of the downfall this quarter. I just don't see anything to make me want to jump into shares of ION today, especially after seeing Transocean (NYSE: RIG) falter in the third quarter. I'm going to let the industry shake out a bit and hope for a rise in oil prices before buying shares.

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