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: Just a matter of hours after investors cheered the move of Chesapeake Energy (NYSE: CHK) stripping Aubrey McClendon of his chairmanship, the mood changed. A disappointing earnings report pushed shares 13% lower today and analysts started piling on as well.

So what: Chesapeake's loss fell to $71 million, or $0.11 per share, in the first quarter. On an adjusted basis the company reported a profit per share of $0.10, but analysts had expected $0.34 per share in earnings. Cash flow estimates were also slashed nearly in half to $4.4 billion-$5.3 billion.

Now what: Analysts also downgraded the stock, adding to the sell-off today. On top of all that, there are reports that McClendon also ran a $200 million hedge fund that traded the same commodities the company produces. The bottom line here is that Chesapeake is a mess. As I pointed out yesterday, the company's stock looks fairly attractive but I would wait for this McClendon mess to play out before buying in. His problems seem to be getting worse by the day.

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