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 oil and gas explorer WPX Energy (NYSE:WPX) crashed to a 10% loss this morning, after releasing earnings. Shares have quickly recovered some of that loss, but still trade down about 5% on the day.

So what: Total revenue in the third quarter fell to $677 million, continuing a steady decline for the company. On the bottom line, results continued to deteriorate, and losses from continuing operations hit $66 million, or $0.33 per share. That's well above the $0.02 loss that analysts expected.

Now what: Producers are being hit by low energy prices, and it doesn't help that WPX's production also fell during the year. I'm not liking the direction the company is headed, with results continually deteriorating over the past year and a half. I would be a seller today, and don't see a reason to buy unless energy prices jump dramatically in the future.

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