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: It was a busy day for SandRidge Energy (NYSE: SD), which announced a major acquisition last night. The market and analysts gave the move a big thumbs-down, which pushed down the stock as much as 14% in trading today.

So what: After the close yesterday, SandRidge announced it was buying Dynamic Offshore Resources for $1.27 billion in a cash and stock deal. The company will pay $680 million in cash and 74 million shares of stock valued at $8.02 per share. That price is already generous with shares trading closer to $7 today.

Now what: The market obviously didn't see this as good news and neither did analysts. Tudor Pickering and Howard Weil both downgraded the stock before trading began today. Management argues that Dynamic's $1.9 billion in proven reserves in oil-rich assets will be a great addition for the company. That may be true long term, but today the seller wins and the buyer loses, a common occurrence when acquisitions take place.

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