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 Quicksilver Resources (NYSE: KWK) started February on the wrong foot, falling as much as 17% in early trading, after the company announced cuts to its capital spending.

So what: With natural gas prices as low as they are, management has decided to cut capital spending in 2012 to $370 million, from $696 million in 2011, of which $108 million will be focused on liquid rich land in the Fort Worth Basin. The goal is to keep natural gas production flat for 2012.

Now what: This shouldn't come as a large shock since bigger players, like Chesapeake Energy (NYSE: CHK), have already cut back on production. Unless prices recover in 2012 (something I highly doubt), Quicksilver won't have a reason -- or the funds -- to increase production. Considering the company's nearly $2 billion debt load, and lower than expected production in 2012, I can't imagine this being a reason to buy today.

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