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 wastewater solution provider Heckmann (NYSE:NESC) dropped 10% today on a downgrade from an analyst.

So what: Analyst David Rose from Wedbush downgraded the stock to "underperform" from "neutral" and cut his price target to $2.50. He doesn't think the company will be able to live up to current estimates for 2013 earnings and thinks the stock hasn't fallen in line with competitors.  

Now what: Fracking services have taken a hit as the number of rigs running have fallen and companies become more efficient. The company is expected to lose money for 2012 and only return to a slight profit in 2013. I wouldn't sell just based on this downgrade, but fundamentals don't look good, so I'm not buying on the dip, either.

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This article represents the opinion of the writer, who may disagree with the “official” recommendation position of a Motley Fool premium advisory service. We’re motley! Questioning an investing thesis -- even one of our own -- helps us all think critically about investing and make decisions that help us become smarter, happier, and richer.