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-service provider Copano Energy (Nasdaq: CPNO) saw shares fall as much as 14% today after announcing earnings.

So what: During the first quarter of 2012 revenue increased 16% to $337.2 million and net loss was $147.7 million, affected by a $148.7 million in non-cash impairments. Analysts had expected the company to lose a penny per share, so the bottom line was about in-line with expectations after the impairments.

Now what: What really has investors on edge is comments management made about realizing value in the Eagle Ford Shale play. In the earnings release, CEO R. Bruce Northcutt said, "[Operational] challenges in handling the very rich Eagle Ford Shale volumes will limit our ability to realize the full value of our Eagle Ford Shale projects until the second quarter of 2013, when our first cryo expansion and additional contracted fractionation capacity are expected to come online." I would like to see the company turn a profit before jumping in so I'll be sitting on the sidelines even after today's hefty discount in shares.

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