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 communications company Frontier Communications (Nasdaq: FTR) hung up on shareholders today, falling as much as 10%, after the company reported its first-quarter results.

So what: For the quarter, Frontier's revenue fell nearly 6% to $1.27 billion, with adjusted net earnings of $0.05. Revenue results squeaked by Wall Street's expectations while EPS results met or missed depending on the source of the estimate. Despite the decline in sales and the loss of approximately 10% of its residential and business customers from this time last year, Frontier did reaffirm its full-year forecast.

Now what: Since agreeing to purchase part or all of Verizon's (NYSE: VZ) landline assets in 14 states, Frontier has struggled with high debt levels, falling subscriber rates, and has even had to trim its delectable dividend. Despite being negative on the company for years, my tune is beginning to change. If Frontier can indeed meet its own guidance, then at 14 times forward earnings and valued below book, this just might be a fantastic value.

Craving more input? Start by adding Frontier Communications to your free and personalized watchlist so you can keep up on the latest news with the company.