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 TransAtlantic Petroleum (AMEX: TAT) sank 10% today after the company released fourth-quarter earnings.

So what: Quarterly revenue was up 47% to $36.7 million, but fell short of the $38.1 million analysts expected. The company also lost $0.15 per share from continuing operations, well over the penny loss investors had expected.

Now what: After continued losses, investors appear to have lost all faith today. Analysts are only expecting a penny in profit per share next year, and if the company doesn't deliver, it could be bad news. The company's $80.7 million of short-term debt is only offset by $15.1 million in cash, and it doesn't have the cash flow to keep this up much longer.

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