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 shale gas producer Quicksilver Resources (NYSE: KWK) fell 10% today after the company reported weaker-than-expected earnings.

So what: Earnings rose to $0.17 per share from $0.13 a year ago, but when you strip out one-time items, the picture doesn't look so rosy. Adjusted earnings per share were $0.03, below the $0.06 analysts had expected. Full-year production forecast was also lowered to 415 million-420 million cubic feet of natural gas equivalents per day.

Now what: Quicksilver is sitting on a pile of debt, and management has been trying to figure out ways to sell assets and reduce debt. An MLP containing some Barnett Shale assets is expected to be spun off, and KKR will join a joint venture operated by Quicksilver.

Considering the low prices of natural gas, I just can't get excited about Quicksilver right now considering the debt burden and uncertainty around asset sales in the future.

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