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 Midstates Petroleum (NASDAQOTH:MPOYQ) jumped as much as 10% today after the company released earnings.

So what: Revenue more than doubled, to $88.9 million, and the company's loss fell from $39.3 million a year ago, to just $2.4 million, or $0.04 per share. On an adjusted basis, which is what analysts compare to, the company earned a profit of $0.08 per share, above the $0.01 loss that analysts expected.  

Now what: The company should continue growing with 30 gross wells spud during the quarter, 12 awaiting completion, and seven drilling. Proved reserves also increased 188% during the year, to 75.5 million barrels of oil equivalent. If the company can keep operations on track and expenses low, the stock should be a winner in 2013.

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