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 fracking supplier Hi-Crush Partners (NYSE:HCLP) were getting blasted today, falling as much as 35%, after announcing the end of an important contract in its quarterly earnings report.

So what: Hi-Crush, which makes a type of sand used in hydraulic fracturing, said that oil and gas contractor Baker Hughes (NYSE:BHI) had told the company back in September that it would end a supply contract. Hi-Crush had fought to renegotiate with Baker Hughes following the notice, but yesterday "formally terminated the agreement and filed suit for wrongful termination of the agreement." Management called the surprise news an "isolated incident," and said that it would not affect distribution guidance for next year.

Now what: Today's drop could be an excellent buying opportunity for this recent IPO. In what was essentially a six-week reporting period, the company made $9.1 million in net income, or $0.33 per unit, giving it an especially cheap valuation if those numbers are extrapolated. If management can deliver on its promise to make a distribution of $0.475 cents per quarter next year, investors are looking at an 11.7% yield at current prices. A further fall in the stock would only make the yield more appealing, and its position in the growing fracking industry bodes well. Shares have already bounced back 15% from intraday lows.

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Jeremy Bowman has no positions in the stocks mentioned above. The Motley Fool owns shares of HI-CRUSH PARTNERS LP UNIT LTD PARTNER INTS. 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.