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 natural gas producer Quicksilver Resources (NYSE: KWK) fell as much as 13% today after releasing first-quarter earnings.

So what: Revenue fell 31.4% from a year ago to $145.5 million on lower production and natural gas prices. Analysts had predicted revenue of $179.8 million. The company reported a net loss of $0.35 per share, but on an adjusted basis the loss was only $0.09 per share, still below estimates.

Now what: I don't really see a lot of light at the end of the tunnel here. Production is down and the price of natural gas is so low that companies are shutting down production. I don't see a catalyst that will raise prices without attracting more drilling and killing prices again. I am staying away from this stock as losses continue to mount and long-term debt of more than $2 billion looms large.

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