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 SM Energy (NYSE:SM) jumped 12% today, after reporting third quarter earnings.

So what: The company reported quarterly production of 620 MMCFE/d, which was above previous guidance. But revenue fell 28.6%, to $379.0 million, and the company swung to a loss of $38.3 million, or $0.58 per share. On an adjusted basis, the company made $0.14 per share, which was double what analysts expected.

Now what: The company performed well versus expectations, but lower costs for oil and natural gas are hurting results. I don't see any light ahead for prices of either commodity and, even if the company meets higher production levels, there may not be any profit left for investors. I'm leaving SM Energy alone until prices rise, which may be a while.

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Fool contributor Travis Hoium has no positions in the stocks mentioned above. You can follow Travis on Twitter at @FlushDrawFool, check out his personal stock holdings or follow his CAPS picks at TMFFlushDrawThe Motley Fool has no positions in the stocks mentioned above. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.