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 Transocean (NYSE: RIG) have been gushing losses today after the company reported earnings. As of this writing, shares are down 14% and they're continuing to fall.

So what: Revenue fell to $2.24 billion, below analyst estimates of $2.34 billion, but the bottom line is what is really hurting Transocean. The company reported a loss of $71 million, or $0.22 per share, as costs to meet regulatory requirements weighed on the company. On an adjusted basis, earnings per share were $0.03, well below the $0.76 analysts expected.

Now what: There's really nothing good to report here, and we're only moving into an uncertain time for Transocean. The company has been fighting against paying any damages for the Deepwater Horizon oil spill; a trial is scheduled to begin in February to determine if the company will be hit with damages. With that, and increasing operating and maintenance costs weighing on the company, I just can't see buying shares right now.

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

Fool contributor Travis Hoium does not have a position in any company mentioned. You can follow Travis on Twitter at @FlushDrawFool, check out his personal stock holdings or follow his CAPS picks at TMFFlushDraw.

The Motley Fool owns shares of Transocean. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.