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: It was another bad day for Cliffs Natural Resources (NYSE:CLF), as shares sold off 20% after earnings.

So what: The company reported a massive quarterly loss of $1.62 billion, or $11.36 per share, more than a third of what the entire company is worth today. To make matters worse, the company cut its dividend from $0.625 per share to $0.15, which kills a high dividend yield in the stock.  

Now what: Low prices for iron ore and coal have hurt everybody in mining, and Cliffs Natural is no different. The company is even offering up 9 million shares in an effort to cut debt while it still can and is converting preferred shares. These are desperate moves, and I certainly wouldn't be buying this floundering company today.