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 Crosstex Energy (Nasdaq: XTEX) opened 17% lower before bouncing back to a modest 2% loss today, following its earnings release yesterday afternoon.

So what: The midstream natural gas company, which has struggled to maintain profitability, reported a net loss of $2.4 million down from a $1.7 million profit a year ago. Its adjusted loss per share was $0.13, worse than the $0.11 analysts were looking for. Management blamed "sharply lower natural gas liquids prices" for the disappointing results, but pointed to new operating areas that should spur growth.

Now what: With an 8% yield, this is clearly a dividend play for most investors, and some probably took the opportunity to snatch up some shares at a discount just after the market opened. But with negative free cash flow this quarter and natural gas prices likely to stay suppressed, this looks like a risky play. Look for share dilution or additional debt offerings in the future or this high-flying dividend could get dinged.

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