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 service provider Heckmann (NASDAQOTH:NESC) fell as much as 10% today, after being downgraded by an analyst.

So what: Jefferies & Co. downgraded the stock to a hold from a buy rating, and dropped its price target to $4.50 from $5.50. The analysts think demand will be down in the first half of 2013, which is because of low rig counts in gas drilling. This follows a downgrade to underperform at Wedbush Securities last week.  

Now what: The sentiment toward service providers, particularly in gas, is diminishing as activity slows. This is a long downshift in demand that is the result of oversupply and low prices for natural gas. I don't see a reason to buy now, at least until we can export natural gas to high cost markets.

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